No October jinx this time for the stock market

October 31, 2013 • Business

Trader Christopher Lotito, center, works on the floor of the New York Stock Exchange Thursday, Oct. 31, 2013. Stocks edged lower in early trading on Wall Street Thursday, paring the market’s big gain for October. (AP Photo/Richard Drew)

NEW YORK (AP) — October, with its history of big crashes on Wall Street, didn’t scare off investors this time. To the contrary, the stock market seemed unstoppable.

The Standard & Poor’s 500 index closed at a record high seven times and ended the month up 4.5 percent. The market climbed even after October began with the 16-day government shutdown and the threat of a potentially calamitous U.S. default.

“The market didn’t waver in the face of the shutdown,” said Anton Bayer, CEO of Up Capital Management, an investment adviser. “That was huge.”

After being rattled by a series of down-to-the-wire budget battles in recent years, investors have become inured to the ways of Washington lawmakers. Instead of selling stocks, they kept their focus on Login to read more

Related Posts

Leave a Reply

« »