The fundamental impetus for the move was a statement from St. Louis Fed President Jim Bullard who publicly stated that if disinflationary pressures persisted in this country we could have more "QE" (quantitative easing). The PBoC (People's Bank of China) helped by injecting additional liquidity in their banking system. Like a junkie who just had his fix, the market sprung forward in euphoria!
Seasonality is taking over and with economic news out of the Euro zone this past week that suggests that, for now, things aren't getting any worse over there, it looks like we're going to come out of October on a strong footing going into the seasonally strong months of November and December. A chart of the NYSE Composite which represents 1900 stocks traded on the NY Stock Exchange is representative of the turn in equities:
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