Fed policy had impact on equity sectors
Financials and consumer discretionary stocks performed well in the risk-on environment of the third quarter. Also among cyclical stocks, we saw basic materials advance in the quarter.
I believe this is due in large part to economic stimulus from the Federal Reserve, which announced a third round of quantitative easing that was well received by the market. And when the Fed demonstrates a commitment to pump money into the economy, basic materials, hard assets, and commodities typically benefit.
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