Markets carried their momentum into the third quarter, with the S&P 500 finishing near record highs. However, the Dow Jones Industrial Average ended 5.1% below its August peak as compared to S&P 500’s 1.0%, highlighting a rally concentrated in a handful of growth names. This resilience was notable amid rising Treasury yields, renewed inflation pressures, and the Fed’s first rate hike in more than three years.
The Quarterly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.