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Growth Is Good, and the Stock Market's Finally Reflecting That Solid gains helped end a horrid month on a high note.

By Andrew Osterland

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Opinions expressed by Entrepreneur contributors are their own.

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Strong economic data and more good corporate earnings results helped the Dow, S&P 500 and Nasdaq Composite indexes post solid gains and end a horrid month on a high note. The Entrepreneur Index™ was up 1.81 percent on the day.

Facebook buoyed the market with good-but-not-great financial results. It topped earnings estimates by a good margin but missed on revenues and active user numbers. It was nevertheless rewarded with a 3.85 percent pop in its stock price. It is still down 30 percent from its peak in late July.

Facebook's fellow FAANG members (Apple, Amazon.com, Netflix and Alphabet Inc.formerly Google) also fared well. Alphabet Inc. and Amazon.com were up 3.91 percent and 4.48 percent, while Netflix, down 25 percent from its peak in July, was up 5.59 percent -- the biggest gain on the Entrepreneur Index™. Every tech company on the index posted gains today except Akamai Technologies, which fell 0.41 percent after jumping 17 percent yesterday.

The U.S. economy continues to flex its muscles. The Bureau of Labor reported annualized growth of 3.1 percent in private sector wages and salaries for the third quarter -- its fastest pace of growth in ten years. Private payroll numbers also came in well above estimates. The strong economic data led to a four point rise in the 10-year Treasury bond yield to 3.15 percent.

Economy-sensitive stocks struggled with the rise in interest rates. Homebuilder D.R. Horton was down. 1.1 percent and O'Reilly Automotive was off 2.94 percent. Retailer Walmart was down 2.09 percent, while Gap Inc. fell 4.14 percent and Tyson Foods was off 3.51 percent. Bed Bath & Beyond lost 4.45 percent, the second biggest decline on the Entrepreneur Index™ today.

Sportswear maker Under Armour Inc. had the biggest decline on the day, falling 4.82 percent. The stock was up 28 percent yesterday after reporting particularly good earnings.

The rest of the market did not seem phased by rising interest rates, with gains across economic sectors. Estee Lauder Companies was up 4.74 percent after beating estimates for third quarter earnings this morning. It credited strong demand in Asia for a boost in its full-year earnings outlook.

Intercontinental Exchange, owner of the New York Stock Exchange, was also up sharply thanks to a 4.7 percent increase in revenues for the third quarter. It beat earnings estimates by five cents per share and its share price was up 5.39 percent.

Capital One Financial (1.66 percent) and investment bank Jefferies Financial Group (2.09 percent) also posted good gains. Wynn Resorts, which has been in a tailspin lately, was up 3.07 percent.

The stock market posted gains on consecutive days for the first time in almost a month.

Let's hope it bodes well for November.

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.

Andrew Osterland is a contributing writer for CNBC.com. He specializes in capital markets, personal finance and taxes.

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