Equities continue to climb the wall of worry

Investors continue to grapple with the Delta variant, the timing of Fed tapering and the uncertain path for additional fiscal stimulus. Despite this, the 10-year Treasury yield moved higher last week, indicating less concern about a Fed policy mistake. The S&P 500 has hit 53 record highs in 2021 and the market finished higher for a seventh consecutive month in August. The S&P 500 (+0.6%) and NASDAQ (+1.6%) rose last week, while the DJIA ended lower (-0.2%).