US stocks surged over the week driven by dovish comments by the Fed Chairmen. The S&P 500 climbed 4.8% and the Dow jumped 5.2% for the week. Abroad, Japan gained 3.3% and Europe rose 1.0% for the week. The yield on the 10-year Treasury ended the week down at 3.01%, at its lowest level since mid-September. Oil briefly fell below $50 a barrel before ending the week at $50.93. Oil fell 22% for the month.
In a speech, Fed Chief Powell said the Fed Funds Rate was “just below” a neutral level easing investor worries that the Fed would continue to raise rates aggressively.
EU leaders approved the deal worked out with the UK to exit the EU. However, there is much opposition within the UK to the deal.
President Trump made comments before meeting with Chinese leaders that he expects to move forward with boosting tariffs on $200 billion of goods to 25% at the end of the year.
The ECB plans to move forward with ending its bond buying program at the end of the year despite weakening growth trend in the EU.
Home price gains slowed for the 6th straight month in September. They gained 5.5% over the past 12 months.
GM announced it is closing several production plants and cutting 15% of its salaried employees in North America in an effort to restructure.