Q3 2019 Recap10/07/2019

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Third Quarter 2019 Recap

U.S. stocks ended September on a relatively high note, posting modest gains for the month and for another turbulent quarter. Moreover, despite gyrations in daily volatility, the S&P 500 more than erased August’s 1.58% loss in September and posted its best three-straight-quarter start to a year in over two decades. The advance in equities this year also parallels outsized rallies in the bond and commodities markets. This alignment among differing risk profiles highlights the level of investor uncertainty about ongoing trade tensions with China, the outlook for future central bank interest rate easing, foreign and domestic geopolitical risks, and the overall health of the global economy.

At-a-Glance

  • The S&P 500 posted its best performance in the first three quarters of a year since 1997, prolonging the longest bull market on record, over 10-years old.
  • Including the effect of dividends, the S&P 500 ended the month 1.23% below its July 26 all-time high.
  • High-yield corporate bonds trailed blended investment-grade bonds in the quarter, but outperformed in September and year-to-date.
  • Gold beat stocks in the third quarter, with gold returning 4.19% compared to 1.70% for the S&P 500.

 

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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.

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