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October Market Commentary
Global equity markets rallied throughout October as the Federal Reserve maintained its dovish stance towards interest rates. Additionally, concerns surrounding a “hard landing” in China subsided causing international and emerging markets indices to regain a portion of their previous losses. Heightened risk appetite translated into increased demand for risk assets and higher yielding securities.
For the month, the S&P 500 Index gained 8.4%, while the Russell 2000 Index of smaller companies finished 5.6% higher. All ten sectors finished the month in positive territory with energy, materials, information technology and consumer-related names experiencing the largest increases. Across market capitalizations, large-cap stocks outperformed their mid- and small-cap counterparts. Meanwhile, growth style names outperformed their value equivalents across market capitalizations.