Stocks finished October with another bullish milestone as all three major U.S. equity indices closed at respective new all-time highs. The S&P 500 and Nasdaq Composite clinched their best months since November 2020, up in excess of 7% each. The Dow Industrials also had a solid month, gaining nearly 6% for its strongest performance since March. The S&P 500 benchmark broadly avoided its historical curse last month, posting its best October performance in six years. Strong gains last month stand in stark contrast from September when stocks fell over 4% on worries ranging from inflation to contagion fears over China’s property developer flare-up.
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The Monthly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.
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