October proved to be a scary month for stocks due to a trade war between
Nasdaq lost 9 percent in October, its biggest drop since , according to CNN. CNBC reported that the S&P 500 lost $1.91 trillion. Dow Jones fell 5.1 percent in the month as well, its biggest percentage drop since , according to MarketWatch.
“October volatility is legendary, and we’re not just talking about the crash in 2008,” S&P Dow Jones Indices analyst Howard Silverblatt told CNBC. “October is a much more volatile month than any of the others as far as quick declines go.”
MarketWatch wrote, though, that Wednesday already showed promise for a brighter November in the financial sector. The Dow Jones Industrial Average gained 241.2 points to 25,115.76, its first time over the 25,000 mark since .
The S&P 500 jumped 29.05 percent to 2,711.68 while Nasdaq bounced up 144.25 points to 7,305.90.
“We’ve been trading on things that aren’t fundamental in nature, and now we’re back to looking at the fundamentals, which are very attractive,” Brent Schutte, chief investment strategist at
Some companies that are leading the rebound include Facebook, whose third quarter profits beat the forecasting average;