The Dow just had its best month since 1976
U.S. stocks closed down Monday as investors digested this quarter's mixed earnings reports and braced for the Federal Reserve's next interest rate hike, but the major indexes ended October in positive territory and the Dow Jones Industrial Average locked in its best month since 1976. The Dow rose 14 percent in October, while the S&P 500 and tech-heaving Nasdaq gained 8 percent and 3.9 percent, respectively.
Tech stocks are having a bad few weeks on disappointing earnings reports, but investors are betting that traditional stocks like banks will lead the next bull market, The Wall Street Journal reports. Mostly, though, the markets are waiting to see what Fed chairman Jerome Powell says Wednesday, after the Fed's two-day monthly policy meeting.
The central bank is expected to raise its benchmark short-term interest rate another 0.75 percentage points, but investors are looking for clues on when the Fed will ease up on its aggressive moves to tamp down the economy to fight high inflation.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Can Trump get a fair trial?
Talking Points Donald Trump says he can't get a fair trial in heavily Democratic Manhattan as his hush money case starts
By Harold Maass, The Week US Published
-
Crossword: April 24, 2024
The Week's daily crossword
By The Week Staff Published
-
Sudoku hard: April 24, 2024
The Week's daily hard sudoku puzzle
By The Week Staff Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published