Overview
Markets performed well over the third quarter. Every major asset class ended September in positive territory year to date. U.S. small-cap stocks led the way (gaining 12%), pushing the Russell 2000 small-cap index into positive territory for the first time this year and to its highest level since November 2021. U.S. large-cap stocks, as proxied by the S&P 500, brought the index’s third-quarter gains to 8% and its year-to-date gains to 15%, also hitting a new record high. U.S. intermediate-term bonds gained 2% in the third quarter and are up 6% year-to-date, with the Bloomberg U.S. Aggregate Bond Index seeing its strongest returns since 2020.