Paul R. La Monica, CNN Business
(CNN) – So much for Shocktober. Wall Street’s terrible month for stocks has suddenly turned into Rocktober. The Dow rose nearly 600 points, or 2%, after Tuesday’s opening bell. Strong income of blue chip companies raised the mood of the market.
Goldman Sachs, mate Dow Johnson & Johnson and Lockheed Martin all reported profits that exceeded Wall Street expectations. In S&P 500 and Nasdaq rose about 2.2% and 2.6% in early trade.
The Dow also benefited from news from an activist investment firm Starboard Value took part at software giant (and Dow component) Salesforce, hoping to push the company into changes that could boost profits. Shares of Salesforce rose nearly 6% in early trading.
Market benefits after a big tension Dushanbethanks to healthy earnings as well as improved sentiment about Britain following moves by Prime Minister Liz Truss’s government to back controversial tax cuts.
The Dow, S&P 500 and Nasdaq are now higher for the month after big declines in August and September. Stocks are still lower for the year as investors worry about inflation, higher federal reserve levels and the possibility of decline in 2023.
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