Stocks started 2023 on a positive note as the S&P 500 Index climbed 7.5% in the 1st Quarter, but the path to these gains wasn’t easy. After market momentum in January, investors turned fearful in February over rising inflation and higher rate hikes from the Federal Reserve. March brought more worry over the impact of rising interest rates on the banking system. But once the turmoil over regional bank failures lessened, stocks ended the quarter with a 3.7% gain in March as represented by the S&P 500 Index . Bond yields rose during the first half of the quarter, especially among shorter-term bonds, but finished lower on increasing recession concerns.
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