Last month, Wall Street turned its attention to Washington, as Congress struggled to reach a bipartisan budget and debt ceiling agreement. For two weeks, the U.S. federal government shut down, closing the doors on all “non-essential” operations. Though Capitol Hill was able to reach a last minute deal to reopen the government and suspend the debt ceiling, investors will likely face yet another round of political ping-pong coming in February [see The Best (And Worst) Performing ETFs For Every Quarter].
But with a temporary fix in place, investors were able to focus on the slew of earnings reports seen in October. Goldman Sachs (GS) reported disappointing Q3 results, missing revenue estimates, while JP Morgan (JPM) reported a loss in the third quarter, after the company took on nearly $9.2 billion in legal expenses. Tech giants Microsoft (MSFT), Google (GOOG), and Apple (AAPL), all managed to beat analysts’ expectations.
On the ETF front, investors saw plenty of action in October, with several new funds hitting the streets, including Fidelity’s lineup of sector ETFs, an IPO fund, and an “ultra” dividend ETF. Below, we highlight this month’s best and worst performers: