Japan surprises market with stimulus helping market end October on a high note

By Justin Turner CIM, DMS®, CFP®
After a surprise stimulus move by the Bank of Japan, global markets around the world enjoyed a nice rally to close out the month.

The Dow Jones was up 195 points, S&P 500 up 23, and the TSX closed up 154.  After being down as much as 10% on the S&P 500 on October 15 and 13% for the TSX markets have stormed back and have recovered most of the losses although US stocks have clearly outperformed.

Energy companies led today in US with Exxon Mobil and Chevron Corp both rising 2.4%. Very telling with the price of oil down all day.  Gold and Silver slid to the lowest level since 2010. Gold broke through the $1180 low to settle at $1171 meaning there could be more pain in store.