The Dow Jones Industrial Average closed Friday's session up 14.4% in October, in line for its best month since January 1976, and its best October ever.
U.S. stock futures on Monday pulled back from six-week highs as traders eyed the Federal Reserve’s midweek decision on interest rates.
What’s driving markets Stocks looked set to pare some of their recent sharp gains as a more cautious tone took hold ahead of the Federal Reserve’s monetary policy meeting concluding on Wednesday. “Yet, the S&P 500 managed to gain 4% for the week, bringing total gains to 12% in two weeks. The most interesting takeaway, in our view, is that consensus has become even more negative in the face of the market gains,” Lee added.
Also helping support sentiment are hopes the Federal Reserve may be nearing the peak of its hawkishness. The central bank’s Federal Open Market Committee is expected to increase borrowing costs by another 75 basis points on Wednesday, but the market reckons the pace of rate hikes will slow after that.
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