This post is from CNBC producer Robert Hum.
An attempt to sell off the market in the final hour failed, as the markets rallied once again in the last few minutes of trading. For a while late in the day, the markets appeared it might present an encore of Wednesday’s trade, when the markets gave up all their gains in the last 10 minutes while investors sought to lock in profits from two strong days.
Friday’s rally gave the Dow & S&P back-to-back daily gains for the first time since late September. The Nasdaq finished up for the fourth straight day—a feat it hasn’t accomplished since May. Today’s gains helped the Dow and S&P post their best weekly performance since 1974.
The strong week capped off a dismal month, as the S&P had its worst monthly performance in 21 years. For the month: Dow -14%, S&P -17%, Nasdaq -18%.
Perhaps there might be one bright spot ahead – according to the Stock Trader’s Almanac, since 1950, November is the best month for the S&P 500.
However, according to Birinyi Associates, since 1915, the Dow has fallen 10% or more in October six times. Unfortunately, when those weak Octobers occurred, the Dow followed up the next month with an average decline of 8%.
While the markets await the results of the Presidential election next week, important data including auto sales and the October jobs report loom, along with earnings from Cisco Systems and Walt Disney.
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