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US equities closed lower overnight, however the Dow Jones still posted the best month since 1976. Markets made an impressive comeback in October with the Dow Jones rising 14% for the month, as investor bet on the banks and more traditional companies. The S&P500 is up 8% for the month, while the Nasdaq underperformed the Dow and the S&P, gaining 4% for October. Overnight, the Dow Jones fell 0.4%, the S&P500 fell 0.8% and the Nasdaq dropped 1%.
European markets closed higher despite inflation and GDP coming in overnight, painting a bleak picture. Eurozone inflation hit a record high of 10.7%, the highest ever monthly reading. Prices are increasing, particularly energy and food over the last year. The increases have been accentuated by Russia’s invasion of Ukraine in late February.
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