The stock market has had a rough year amid concerns over the Fed’s persistent hawkish stance to tame record-high inflation, geopolitical issues, and a potential economic slowdown. However, it made a huge comeback in October, with all major benchmark indices snapping a two-month losing streak. The S&P 500 gained 1.72%, while Dow Jones climbed 7.7% over the past month.
Furthermore, the economy posted its first expansion of 2022 in the third quarter, temporarily easing recession fears. Gross Domestic Product (GDP) accelerated at a 2.6% annualized pace, beating the estimated 2.3%. The increase in GDP came primarily from rising consumer spending, non-residential fixed investment, and government spending.
