Quarterly Investment Update - 3rd. Quarter 2016

Perkins Coie
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Investor confidence rebounded in the third quarter immediately following Brexit, driving the S&P 500 to new highs. Comments by the Fed in early September stirred up some volatility and share prices slipped backwards. Not all gains were lost, however, as the S&P 500 delivered a 3.9% total return for the quarter. Cyclical sectors rallied most, with Technology stocks gaining 12.9%, largely driven by earnings results. An improving economic outlook drove Industrials and Financials up 4.6% and 4.1%, respectively. Overvalued defensive sectors pulled back, with Utilities and Telecom each dropping nearly 6% for the quarter. Domestically, small cap stocks outperformed large caps, with the Russell 2000 climbing 9%.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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