- Initial signs that inflation and growth could be moderating helped boost stocks over a shortened trading week.
- Every sector within the S&P 500 Index recorded a gain except for energy as oil prices fell from recent highs. The broad index rose 6.5%, lifting itself out of bear market territory.
- Growth-oriented portions of the market generally outperformed. The top-performing S&P 500 Index sectors for the week included consumer discretionary and IT, which are among the poorest performers year-to-date. Interest rate-sensitive sectors, such as real estate and utilities, also performed well – benefitting from modestly lower rates.
- Trading volumes were elevated into the month- and quarter-end period which includes the rebalancing of the Russell indexes.
