Headlines and headwinds left stocks barely ahead Stocks had a resilient start to the quarter with investors buying the mid-month dips in July and August to produce consecutive monthly returns well above 2.0%.  However, the fatigue of digesting headlines on Congressional conflicts, pandemic-related supply chain issues, and Fed policy ruminations

Stocks ride the wave of uncertainty to strong gains A reversal of a reversal of a reversal of style leadership in the second quarter made the markets as tough to follow as the beginning of this sentence.  The S&P registered its fifth consecutive quarterly gain as growth and value stocks

Investors poured into stocks as the economic glass appears to be half-full US stocks rallied for the fourth consecutive quarter as the S&P 500 gained over 6% on investor optimism about vaccine distributions and additional stimulus.  Value investors were amply rewarded as the pro-cyclical rotation continued and rising treasury yields

Mixed Equity Performance for the Markets The first month of 2021 ended with an audible thud.  The S&P 500 finished 1% lower after rising for most of the month only to stumble 4% in the last three days of January. Trends that began during the recovery rally of 2020 persisted