"It was a post-Fed hangover, and in the end, not a lot happened," mused Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Facebook Inc (NASDAQ:FB) received a lot of hype after its solid earnings, and the shares had a roller coaster of a day, finishing in the green by the close. But under the surface, financial stocks were weak, with JP Morgan Chase & Co. (NYSE:JPM) leading the way lower." Against this backdrop, the Dow Jones Industrial Average (DJI) closed in negative territory on the day, but ended the month solidly higher.
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The Dow Jones Industrial Average (DJI - 15,545.75) spent time on both sides of breakeven today, but ended up finishing 73 points, or 0.5%, lower. For the month, however, the blue-chip barometer gained 2.8%. Exxon Mobil Corporation (NYSE:XOM) and 3M Co (NYSE:MMM) led the Dow's nine advancers with gains of 0.9% each, while Visa Inc (NYSE:V) paced the 21 decliners with a drop of 3.5%, spurred by a poorly received quarterly earnings report.
Likewise, the S&P 500 Index (SPX - 1,756.54) traveled in both positive and negative territory throughout the session before closing with a loss of 6.8 points, or 0.4%. Meanwhile, the Nasdaq Composite (COMP - 3,919.71) shed 10.9 points, or 0.3%. The indexes advanced 4.5% and 3.9% for the month of October, respectively.
Elsewhere, the CBOE Volatility Index (VIX - 13.75) churned lower for a large portion of the day, but managed to add 0.1 point, or 0.7%, by the close. On a monthly basis, the "fear gauge" declined 17.2%.
A Trader's Take:
"In the end, the S&P 500 Index (SPX) gained nearly 5% for October, making it a huge month," noted Detrick. "When you consider its September gain of just about 3%, we've made it past two of the more bearish months with a big surprise rally that very few were expecting. Now we enter the historically bullish November and December months. Can this rally continue? History does suggest that strength heading into year's end usually spurs more of the same."
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