So much for choctober. Wall Street’s often dreaded month for stocks has suddenly turned into a rocktopper.
The Dow rose nearly 600 points, or 2%, shortly after Tuesday’s opening bell before giving up some of its gains. However, it was up more than 400 points or 1.4% at midday.
strong profits From the leading companies raised the mood of the market. Goldman Sachs
(g)Colleague daw Johnson & Johnson ingredient
(JNJ) Lockheed Martin
(LMT) All reported earnings that beat Wall Street expectations.
The Dow Jones also got a boost from the news that investment firm Starboard Value has been active
(CRM)-Inc..pdf “target = “_blank” > acquired stake in software giant (and daw component) Salesforce
(CRM), hoping to push the company to make changes that would increase profits. Salesforce shares
(CRM) It was up 5% at midday.
market gains Follow Big Boost on MondayThanks to good earnings as well as improved sentiment around the UK after moves by Prime Minister Liz Truss’ government to roll back controversial tax cuts.
The Dow, the S&P 500 and the Nasdaq are now up for the month, after big declines in August and September. Stocks remain low for the year as investors worry about inflation, big rate hikes from the Federal Reserve, and the potential for Recession in 2023.
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