At United Asset Strategies, our mission is to be a steward to our clients and to each other, leveraging our core values of teamwork, respect, and excellence to meet the evolving needs of our clients.
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United Asset Strategies Quarterly Insights: April 2024
The stock market, as measured by the S&P 500, printed double-digit returns in the first quarter. That strength is depicted in Exhibit 1 and came despite an increase in interest rates that limited bond returns. This is the second straight quarter of double-digit equity returns, the fourth time such a feat has been accomplished since the 1980s. The narrowness of this bull market is well understood, however, with the lion share of returns concentrated in a handful of large-cap stocks, the so-called Magnificent 7, and returns for the typical stock, as measured by the S&P 500 Equal Weight, more modest. And while the trend of Haves and Have Nots continued into the first quarter, in Exhibit 2 we point to early signs of widening participation with most stocks and sectors outperforming the market in March..
