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The Market Wrap for October 22: Stocks Move to Record Highs

After starting the week on a low point, stocks rebounded and spent much of the trading sessions moving to new highs. The reason? Positive earnings. With earnings season in full swing, traders have been supportive of both stocks and the continued surge in post-pandemic profit reports. So far, numbers have been bullish and have squashed analysts’ earlier estimates for profit growth. With that in tow, investors focused on the positives and ignored continued inflationary pressures.

Meanwhile, the Fed was put on the back burner after last week’s FOMC meeting minutes. The Fed gave the notion that it didn’t intend to end its asset purchases or raise rates until well into 2022.

Economic data on the week was moderately bullish as well. Consumer figures, housing and measures of manufacturing all showed positive gains. However, the gains weren’t bullish enough to spark continued fear of the Fed being forced to intervene.

All in all, stocks spent much of the week hitting near-record highs, as investors took in all the positives of earnings season.

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