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October stock market rout ends on positive note

October was the worst month for US shares in 21 years, but the month ended with an 11% rally (S&P500) over the final week (its best week since 1980). The rally included the first back-to-back daily increases in a month.

A sprinkling of optimism has emerged as bank lending rates declined and some company earnings outside the financial industry proved quite resilient. Whether stock markets can maintain recent momentum in November is a different story. Tomorrow’s US Presidential election is the next big test.

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