The S&P 500 and the Nasdaq Composite fell to a new year-to-date low last week and closed the week with a loss of 1.55% and 3.11%, respectively.
The scenario changed drastically on Oct. 17 after the earnings, season ramped up and a sharp policy reversal from U.K. Finance Minister Jeremy Hunt added detail to the government's plan to fix his predecessor's (Kwasi Kwarteng's) fiscal package, which had triggered a record fall in the value of the GBP and a near liquidation of pension plans in the United Kingdom.