September was a solid month for investors, capping off a strong quarter for markets. Falling interest rates helped support stock returns, with the S&P 500 and Dow Jones Industrial Average setting new record highs during the month. Even bonds were up, marking five straight months with positive fixed income performance.

March was another positive month for markets, continuing the rally to start the year. Improving corporate fundamentals and a supportive economic backdrop drove solid single-digit returns for U.S. markets during the month.

Throughout 2022, high levels of volatility across all major asset classes created a difficult environment.