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New York - U.S. Stocks Close Higher, But Ends As The Worst Trading For October In A Decade |
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Traders noted that pension funds were buying stocks to rebalance their portfolios as today is the last day of the October.
Indeed, there will many a sigh of relief today as we bid adieu to October, which is typically a one of the worst months of the year for the market, but this year, could turn out to be the worst October in 10 years.
Still, it won't be all smooth sailing from here.
First, we have to get through the election on Tuesday. Then, the economy.
"There’s a lot of things not in this market," Art Cashin, director of floor operations at UBS, told CNBC. "This market is still working its way out of crisis mode. It hasn’t come to grips with the recession that’s coming up, which is not going to look like a V or a U, it’s going to look like a bathtub and that will carry us longer and further than we would care to be."
More of today's headlines
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Read Comments (2) — Post Yours »
1
Nov 01, 2008 at 10:46 PM Anonymous Says:
What is happening in the world?
2
Nov 01, 2008 at 11:01 PM robroy560 Says:
Last week was also one of the best performing weeks in a 20+ years. The bottom may be nearby.