Earnings season provided some surprise results, maintaining forward momentum across the board.

The housing market was also showing strength with rising prices and accelerating new home construction as the growing economy and rising employment rates help bolster home sales.

Meanwhile, overseas central banks held on to an accommodative stance, with the People’s Bank of China issued a surprise rate cut and the European Central Bank signaled a more dovish stance.

Toward the end of the month, the Federal Open Market Committee revealed that a December interest rate hike is still in play. The markets sold off on a knee-jerk reaction but quickly rose as the Federal Reserve statement provided greater clarity on monetary policy.

While the markets ended October on a sour note, the S&P 500 saw its best monthly advance since October 2011.

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Max Chen contributed to this article.