For the month of October the key indices were up more than 3%. Who would of thought considering the state of the economy and the pending mid-term election results. Friday’s GDP report indicated that the economy grew at a tepid 2% which is certainly not enough to have a meaningful effect on job growth. I have got to believe that the markets recent strength and stability is in part in anticipation that the GOP will take control of the House and possibly the Senate. If this occurs this should bode exceptionally well for businesses and taxes, which in my book are the two keys to build the confidence of business owners so they can start deploying capital for expansion and to start hiring again. One thing for sure, America is about to speak out and Congress will most certainly look very different going forward.
Have a great weekend.