2020 Third Quarter Review & Outlook
■ Market Review
The U.S. stock market recorded its second consecutive quarter of dramatic gains, continuing the historic recovery from the
depths of the March collapse caused by the Covid-19 virus, which nearly resulted in a national economic shutdown. The S&P 500Index and Dow Jones Industrial Average jumped 8.9% and 7.6%, respectively, over the past three months, despite a stretch of volatility that dampened momentum in September. At quarter end, both indexes were up more than 30% since the March lows. The string of records in the past two quarters has astounded many investors with its sheer velocity and strength, capping the best two-quarter performance since the 2009 stock market recovery, which helped to spark an economic awakening out of the Great Recession. The final result is that despite high market turbulence over the last nine months, the broad S&P 500 Index was up 5% for the year.