We experienced another strong quarter for the markets with the S&P 500 Index posting a 5.9% gain in the third quarter of 2024, adding to the positive previous two quarters. Albeit a bit choppy mid-quarter, sparked by renewed fears of a recession and the sudden unwinding of big financial bets in Japan, the equity markets rebounded nicely.
This quarter brought a broadening of performance across both capitalization spectrums and sectors with midcap and small cap companies, as well as value oriented companies, picking up relative performance on large cap growth companies. The bond market also posted strong performance with the Barclays Aggregate Bond Index up 5.2% for the quarter.
A combination of slowing inflation, good economic and corporate earnings growth, and a first Fed Funds rate cut of 0.5% provided a positive environment for both stocks and bonds.
In our attached commentary. We outline those conditions that provide optimism along with a few risks to consider. While we expect volatility to persist our outlook remains positive.
We thank you for your continued confidence in Pointe Capital Management
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