Innovative Solutions for Executive Benefits
Quarterly Market Review
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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.
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International equities rose to a lesser extent, posting a 6.3% gain
over the quarter (MSCI ACWI ex U.S.).
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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.
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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%.
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Growth stocks continued their outperformance with the Russell 1000 Growth
outperforming the Russell 1000 Value by over seven percentage
points this quarter.
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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.