New York
CNN Business
—

So much for Shocktober. Wall Street’s often scary month for stocks has suddenly turned into Rocktober.

The Dow Jones jumped nearly 600 points, or 2%, shortly after the opening bell on Tuesday before giving up some of its gains. Still, ended the day up more than 340 points, or 1.1%.

Strong blue chip corporate earnings lifted market sentiment. Goldman Sachs

(GS)companion Dow Johnson & Johnson component

(JNJ) and Lockheed Martin

(LMT) all reported earnings that exceeded Wall Street expectations.

The Nasdaq and S&P500 closed up 0.9% and 1.1% respectively.

The Dow Jones was also lifted by news that activist investment firm Starboard Value
(RCMP)-Inc..pdf” target=”_blank”>took a stake in software giant (and component Dow) Salesforce

(RCMP), hoping to push the company to make changes that could increase profits. Salesforce Actions

(RCMP) closed up 4.4%.

The market gains follow a strong rise on Monday, driven by healthy earnings as well as improving sentiment towards the UK following the government’s moves to get Prime Minister Liz Truss under way. back on controversial tax cuts.

The Dow, S&P 500 and Nasdaq are all now higher for the month, following steep declines in August and September. Stocks are still lower for the year as investors worry about inflation, sharp Federal Reserve rate hikes and the possibility of a recession in 2023.