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Week of 9/25/17 - 9/29/17: Stocks rallied last week and pushed many indices into new record highs. Nasdaq and S&P 500, up 1% and 0.7% respectively, both broke into new territory while the Dow, up a modest .25%, closed just shy of its prior record. Smaller stocks had an even more impressive week with the Russell 2000 adding almost 3% and establishing a clear new high. All sectors saw at least modest gains with the exception of Utilities which was down about 0.3%. Energy continued its strong run of recent, up almost 2%, while Financials and Technology also had strong results.
Treasuries reversed their trend from last week closing almost exactly where they ended two weeks ago: 2.33% on the 10y and 2.86% on the 30y. The reversal was likely driven by a strong week for the dollar and trading around the proposed tax reform plan. Other headlines continued to focus on the Fed’s hawkishness and insurance losses as the damages continue to be sorted through in the wake of Harvey, Irma, and Maria. Volatility remained historically low with the VIX closing the week again below 10.