Stock prices notched solid gains in October
as a strong start to the corporate earnings season
fired up investors.
The Dow Industrials gained nearly six percent,
while the Standard and Poor's 500 Index tacked on almost 7 percent.
The Nasdaq Composite led, climbing
7.3 percent. After a difficult September,
the markets rallied with a sense of conviction
behind positive economic reports and strong earnings.
The upbeat outlook suggested that American businesses
had weathered the worst of the Delta variant surge.
The markets in recent months have been unsettled
by policy debate in Washington.
But as legislators appear to close in on the spending bill,
the prospect of higher corporate taxes
dimmed, which investors cheered. In the month ahead,
expect news events from our nation's capital
to continue to drive some market activity.
One issue that may make headlines
is the federal debt ceiling, which
is expected to be resolved before early December.
Raising the debt ceiling will allow the federal government
to pay its bills, including interest payments on Treasuries
and government programs.
But the markets might get unsettled the closer the debt
ceiling deadline approaches without
a legislative agreement.
Uncertainty represents a risk that can manifest itself
in price volatility.
Since 2016, Americans have marked November
as National Entrepreneurship Month,
celebrating those who start a new business
to take charge of their own financial destinies.
In the United States,
we've been coming together from a crushing time.
But the turnaround has been just as significant:
as many as 24 million Americans are
preparing to shift into self-employment across 2021.
The American entrepreneurial spirit is stronger than ever,
and it's a good time to support small and emerging businesses
when we can,
helping entrepreneurs "take care of business" like never before.