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Quarterly Market Review

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Quarterly Market Review

Q3 2020 Market Review


  • U.S. equity markets moved higher, up 9.2% (Russell 3000) in the third quarter as the economy continued to recover and markets benefitted from significant fiscal and monetary stimulus.
  • International equities rose to a lesser extent, posting a 6.3% gain over the quarter (MSCI ACWI ex U.S.).
  • The broad U.S. fixed income market delivered a modest 0.6% gain for the quarter (Bloomberg Barclays Aggregate) as interest rates stabilized at low levels.
  • After hitting 14.7% unemployment in April, the U.S. labor market continued to improve during the third quarter with September unemployment dropping to 7.9%.
  • Growth stocks continued their outperformance with the Russell 1000 Growth outperforming the Russell 1000 Value by over seven percentage points this quarter.
  • The Federal Reserve kept rates at nearly zero during the quarter and signaled their expectation of rates remaining at these levels for the next few years.