Following a 4.75 percent decline in September on concerns over the U.S. government debt ceiling, higher inflation, and a slowing economy, the S&P 500 index rallied 6.9 percent in October to a new all-time high. Meanwhile, a barrel of West Texas Intermediate crude oil rose 11 percent in October to more than $83, up more than 71 percent year-to-date and the highest level in 7 years.
The interest rate on the 10-year Treasury Note was 1.55 percent at the end of October, up from 0.93 percent at year-end. Moreover, the Federal Reserve is expected to announce a reduction in the amount of monthly bond purchases, which currently is running at $120 billion per month.