This week, equity investors were heartened by the news that rival political parties were in negotiations to resolve the nation’s debt ceiling issue. As measured by the Russell 3000 Index of domestic equities, stocks returned 1.1% for the week.
Growth stocks provided all of the momentum to the weekly return as the Russell 1000 Growth Index returned 2.2% for the week while the Russell 1000 Value Index saw a return that was slightly negative at -0.2%. These returns continue the transition that has taken place so far in 2023 with growth stocks wrestling market leadership from the value issues that provided vastly superior returns in 2022.
Small cap stocks also enjoyed a strong return on the week as evidenced by the Russell 2000 Index which registered 1.5% for the period.