Equities eventually managed to build on Septembers Fed relief rally, thanks to the end of the federal government shutdown, a halt to the debt ceiling impasse, anticipation of further delay in Fed tapering, and generally encouraging Q3 corporate earnings reports. The S&P 500, the Dow industrials, and the small-cap Russell 2000 saw new all-time record closes yet again, while the Nasdaq ended October neck-and-neck with the Russell as the year-to-date leader. The S&P has now risen more than 6% since its low point during the government shutdown, and if the Russell were to end the year where it ended October, it would be the indexs fifth best annual percentage gain ever.* With continued healing in Europe, a pickup in Chinese manufacturing, and the postponement of potential Fed tightening, the Global Dow edged out its domestic counterpart, not only for the month but for all of 2013.
Posted on: Fri, 01 Nov 2013 15:18:40 +0000
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