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With U.S. legislative changes on the horizon, domestic and international equities continued upward
In a month dominated by political news and anticipated legislative changes, U.S. and international equities continued their march upward, hitting new highs in October.
A narrow passage of the next fiscal year’s budget plan last month opened the door for a tax reform that would lower federal revenue by $1.5 trillion over the next decade. The tax bill’s passage is still in question but generally viewed as a future boost to businesses and corporations. As U.S. equities moved higher, much of the gains were led by technology stocks with the sector gaining 7.7% in October and 35.7% YTD, far outpacing the other U.S. sectors.
The European Central Bank decided to scale back its bond buying program while extending it to September 2018. The move lengthens the program further than expected, but acknowledges that the Eurozone economy is solid. Emerging markets ended the month strong as the dollar’s upward march paused and economic data in those countries bolstered confidence in the asset class.