Stocks slumped in the 3rd Quarter as rising interest rates renewed recession concerns. The S&P 500 Index declined 3.3% for the three-month period but remains up for the year to date. Remarks from the Federal Reserve about keeping monetary policy tighter for a longer period sparked a sharp rise in long-term interest rates, with the benchmark 10-year Treasury closing at a 16-year high. Consumers felt the pinch of inflation at the gas pumps as crude oil prices soared to over $90 per barrel in September.
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