DAILY UPDATE: Stocks Rebound and then Blast Off!

Posted on October 31, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The S&P 500 Index posted its first gain in four sessions as investors looked ahead to key earnings and economic reports.

Here is where the major benchmarks ended:

  • The S&P 500 Index was up 49.45 points (1.2%) at 4,166.82; the Dow Jones Industrial Average (DJI) was up 511.37 points (1.6%) at 32,928.96; the NASDAQ Composite was up 146.47 points (1.2%) at 12,789.48.
  • The 10-year Treasury note yield was up about 4 basis points at 4.888%.
  • CBOE’s Volatility Index (VIX) was down 1.52 at 19.75.

Communications services and transportation shares were among the strongest performers Monday, with the latter sector boosted by better-than-expected quarterly results from two big trucking companies. Financial companies were also strong.

Energy stocks were also modestly higher despite crude oil futures falling 3% to less than $83 a barrel—a two-month low.

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