2025 Q3 Review and Outlook – Bubble, Bubble, Toil and Trouble

The market continued its upward swing in the third quarter of 2025 as stocks (as measured by the S&P 500 SPDR ETF – SPY) rose 7.8%. The U.S. bond market (as measured by the US Aggregate Bond ETF – AGG) gained 2.1%, and a 60% stock/40% bond portfolio earned a 5.5% total return. Year to…