The third quarter brought a faster-than-expected economic recovery as the number of new coronavirus cases topped out in July and declined in August. While growth stocks continued to post strong gains, a V-shaped rebound in consumer spending, construction, housing and industrial production provided a significant lift to beaten-down value stocks. Although Congress could not agree on new stimulus programs, the Fed took additional action on the monetary side which helped the economy hold up in September. Investors were encouraged by good news on the vaccine front, with several promising candidates entering Stage 3 trials. The S&P 500 finished the third quarter with an 8.9% gain, for a year-to-date gain of 5.6%.