Stocks had their best month of the year and best October in six years. The S&P 500 Index gained 6.9%, as earnings once again came in stronger than expected especially considering supply chain disruptions and materials and labor shortages. With 55% of S&P 500 companies having reported, third quarter earnings are tracking to a 36.5% year-over-year increase, 9 percentage points above the October 1 consensus estimate.
The back and forth in Washington did little to scare stocks, as there is now hope taxes won’t be nearly as high as was feared just a few months ago.
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The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.