Markets powered sharply higher in October reversing September’s weakness as companies delivered generally better than expected earnings for the third quarter. A strong earnings season and relatively steady macro allowed investors to shake off some of the gloom that had been weighing down markets following a series of macro shocks ranging from surging energy prices to higher interest rates. With this backdrop, the VIX Index or “fear gauge” retreated from over 31 to end the month under 26. For the full month, all major equity indexes were strongly positive with the Dow Jones Industrial Average increasing 14.0%, the S&P 500® index up 8.0%, and the smaller cap weighted Russell 2000® up 10.9% for the month.