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Third Quarter Market Report

Large U.S. stocks have been absolutely dominant in recent years. The S&P 500
has produced a 16% annualized return over the past 5 years, easily placing it atop
of the worlds 45 largest equity markets (which returned an average 2.7% over the
same period!). Similarly, the performance of large U.S. stocks has been a world
apart from other asset classes as well. Over the past twelve months, the S&P 500
has returned 19.7%, easily outpacing its longer-term historical return of 8.4%
while the average asset class (excluding the S&P 500) returned only 3.9% over
the past year, well below historical averages.

These spectacular results for the S&P 500 ironically come after many had given
up on the U.S. market following the 2008 credit crisis. Today, Wall Street has
once again grown very optimistic toward large U.S. stocks yet Main Street
sentiment toward the economy remains subdued and skeptical. Who is right?
The following pages provide insight into the dichotomy in sentiment, as well as
the performance and value of U.S. assets relative to other asset classes.10.2.14

View the full Quarterly Market Report by downloading the PDF.

DISCLAIMER: Past performance does not predict future results. This report is based on data obtained from sources we believe to be reliable. Hefren-Tillotson does not, nor any other party, guarantee the accuracy or completeness of this report or make any warranties regarding results obtained from its usage. All opinions and estimates included in this report constitute the firms judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation to buy or sell the securities herein mentioned.

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