Early autumn is often the worst time for stocks. The rest of the year can provide a respite, helping you recover losses. Don't expect that to happen this year.
Stocks endured their third straight week of declines as bond yields continued to climb. The yield on the 10-year U.S. Treasury note reached a 16-year high of 4.33% before finishing Friday at 4.25%. For the week, the S&P 500 Index fell 2.1%, the Nasdaq 100 dropped 2.2%, and the Russell 2000 Small Cap Index was down 3.3%.
Accounting for a 4.5% weighting in BIZD is the Blackstone Secured Lending Fund (BXSL), a business development company that has returned 28.3% year-to-date and still offers a chunky dividend yield north of 11%.
The Forbes Dividend Investor portfolio’s 34 stocks held up relatively well, down 0.25% on average, although there was a wide dispersion of returns. Better than expected quarterly revenue from Gray Television (GTN +15.6%) propelled shares of the Atlanta-based televsion operator substantially higher, and a similarly bullish earnings report from Ethan Allen Interiors (ETD +13.8%) furnished the Danbury, Conn.-based furniture outfit with a double-digit percentage gain.