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Stocks Continue Rising as the Fed Cuts Rates

Listen to a quick, 3-minute summary featuring the market and economic news for the month of September.

Highlights include:

  • During the third quarter of 2024, the S&P 500 Index of the U.S.’s largest companies rose nearly 6%.
  • Value-oriented companies generally outperformed growth stocks with the Russell 3000 Value Index rising over 9%, while its growth counterpart rose only 3%. Small- and mid-cap stocks, on average, outperformed their larger peers by over 3 percentage points.
  • Over longer time frames, stock performance has been exceptional. For the one-year period ending September 2024, the S&P 500 has increased 36%.
  • It appears investors are more confident in the Federal Reserve’s ability to support the economy and job market and avoid a recession.1
  • In September, the Fed cut the fed funds rate by 50 basis points, the first rate cut since 2020. Going forward, the market is expecting several more rate cuts through 2026, although the Fed will be closely watching the jobs report and inflation print to determine their economic goals of maximum employment and stable prices.

1 The Wall Street Journal

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Katharine E.W. Dudley, AIF®
Vice President, Client Advisor

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