(Bloomberg) — US stocks survived what’s traditionally their toughest stretch of the year, and investors expect the rally to keep running in October despite a contentious presidential election campaign, shifting Federal Reserve policy and fears of a pending recession.
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The S&P 500 Index just posted its third straight winning week and is up 5.1% in the third quarter, putting it on track for its best start to a year since 1997, according to data compiled by Bloomberg. It also has pushed the benchmark’s market capitalization above $50 trillion for the first time. And oddly enough, it all happened in September, which historically is the stock market’s worst month.
The gains were accomplished for the most part without the help of the Big Tech companies that have provided so much growth for so long. Indeed, the technology-heavy Nasdaq 100 Index is up just 1.7% for the quarter, while the equal-weight version of…
