Stocks Suffer Worst Day in Nearly Three Months

A sharp drop in technology stocks led to a broad market selloff, sending the S&P 500 down over 3.5%. There were no specific catalysts for the sharp drop, but two reasons likely drove it - an overbought stock market and growing concerns about the global economic recovery. With valuations so high, equities are pricing in absolute perfection. The latest commentary from Cetera Investment Management discusses this topic in more detail. They remain committed to our slower, more conservative economic recovery and this week's volatility is the market possibly reflecting this shift.

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