The S&P500 rose 0.58% beating both the Nasdaq Composite’s decline of 0.22% and the Dow Jones Industrial Average’s loss of 1.46%. Seven out of the eleven sectors posted positive returns during the period with Financials, Utilities, Telecommunication and Health Care posting the largest increases with returns of 2.74%, 1.78%, 1.60% and 1.43%, respectively. Large-cap stocks continued to outperform mid-cap stocks, which beat small-cap names. Specifically, the Russell 1000 Index rose 0.21% compared to the Russell Mid-Cap Index, which lost 0.93%, and the Russell 2000 Index, which declined 4.36% for the quarter. Growth stocks beat their value counterparts, as the Russell 1000 Growth Index gained 1.16% compared to the decline of 0.78% of the Russell 1000 Value Index over the same period. Bond returns were positive over the period with the long-dated US Treasuries returning 0.47% beating US corporates with the Barclays Aggregate returning 0.05%. The US Dollar Index gained 1.94% for the quarter while gold declined 1.06% and oil gained 2.12%. Bitcoin rebounded gaining 25.6% during the period.
Bill Miller's 3Q 2021 Market Letter
Infographic: 3Q21 Market Data
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