October 31st 2021
In line with our latest call, U.S. stocks rallied for the week, pushing the major indexes to new record highs. The Dow Jones Industrial Average gained 0.4% in the past five days to finish at 35,819.56. The S&P 500 added 1.1% over the week to finish at 4,605.38. The Nasdaq rose 2.7% during the week to 15,498.39. All three major averages closed at record highs and posted their fourth positive week in a row. The Nasdaq gained 7.2% for October, while the S&P 500 gained 6.9%. The Dow rose 5.8% for its best month since March. Among the key S&P sectors, discretionary was the best weekly performer, while financials dragged the most. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, closed at 16.3.