Stock prices continued their remarkable ascent from the March pandemic low, shaking off a rise in new COVID-19 cases and a heated political environment to finish the third quarter near all-time highs.

As we pass the six-month mark since the U.S. COVID-19 lockdowns, we reflect upon recent and potential long-term changes in consumer spending trends.

Markets grinded higher in the third quarter. Strength was broad-based amongst sectors and geographic regions. In this environment, growth stocks outperformed substantially relative to value stocks.