Market Commentary - 3rd Quarter 2020

Markets continued their advance over the quarter as accommodative monetary policy proved to dampen the negative impact of the pandemic. U.S. stocks were up 8.93%, fully reversing the first quarter loss as the economy continued its recovery. Emerging markets and foreign developed markets were up 9.56% and 4.80%, respectively, also rebounding on an improved economic outlook and helped by a slightly weaker dollar. The Federal Reserve held rates steady and continued to grow their balance sheet. The U.S. gained 3,911,000 jobs this quarter. The unemployment rate fell to 7.9% from 11.1% at the end of June. The price of oil increased slightly from $39 to $40 a barrel over the quarter.