Both domestic and international equity markets advanced in October, lodging new highs for various indices. The S&P 500 Index and the Nasdaq Index both closed at record levels as of November 1st. Developed and emerging market indices propelled higher in October buoyed by a continued low rate environment and a weaker dollar.
Volatility, as measured by the CBOE, (Chicago Board Options Exchange), Volatility Index, or VIX, fell to a near annual low in October, as subdued risk concerns dominated.
The technology and health care sectors were the top performing large cap sectors in October, with energy as the worst performing sector in the S&P 500 Index. Market analysts are seeing a shift or rotation towards value from growth, reminiscent of a more cautionary environment.
Sources: S&P, CBOE, Bloomberg
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