BOSTON (TheStreet) -- The best monthly rally in 37 years leads your quick fix of company, market, economic and investing news for Friday, Oct. 28.

Friday's 5 Biggest Stories

This month's 14% rally on the

S&P 500

will rank as the

ninth best month for U.S. equities

ever and the biggest monthly gain in 37 years.

Bespoke Investment

Given how great this rally has been, investors need a

sobering point of view on the big picture

.

Market Anthropology

Speaking of wet blankets,

Fitch Ratings

says that the approved 50% haircut on Greek debt qualifies as a

default event

. Just don't tell the sovereign CDS holders.

WSJ

And don't look now, but

MF Global

(MF)

is collapsing like a little

Lehman

and could be a canary in the coal mine.

CNBC

Hewlett-Packard

(HPQ) - Get Report

balks at spinning off its PC business due to the price, putting flip-floppers across the globe to shame.

WSJ

Quote of the Day

"No one actually owns stock except corporate insiders, ETFs and fast-asleep elephantine mutual fund companies who would sooner hit the snooze button on the alarm than actually shake up a board of directors," blogger and financial advisor Josh Brown on the egregious pay package of

First Solar's

(FSLR) - Get Report

outgoing CEO Rob Gillette.

The Reformed Broker

Company News

Samsung

tops

Apple

(AAPL) - Get Report

in smartphone sales in the last quarter. Before everyone freaks out, remember that was before the iPhone 4S launch.

Bloomberg

People may be buying phones, but it looks like fewer are shelling out for

Whirlpool

(WHR) - Get Report

appliances.

MarketWatch

As if people didn't have enough reasons to love Jamie Dimon,

JPMorgan Chase

(JPM) - Get Report

won't slap customers with a debit card fee.

Chicago Tribune

Markets

Is the

S&P 500 rally a melt-up

, the likes of which we haven't seen since Long-Term Capital Management failed?

Global Macro Monitor

The second installment that rips to shreds the popular proposals floating around for

mortgage principal writedowns

.

Stone Street Advisors

For all of the deal euphoria in Europe, it's easy to forget how

crappy the global economy is

. For example, I give you France.

Bloomberg Businessweek

Investment Strategy

Perhaps all

fund managers

need to come with this sort of disclaimer.

Random Roger

If you were a

bullish investor at the beginning of October

after September's drop, you deserve props.

Dynamic Hedge

Odds and Ends

For a

World Series

that many expected to be a snoozer for ratings, this has actually been one of the best baseball contests ever.

NYT

It's Friday. It's snowing in Boston. Let's warm up with this solid track from U.K. band

Muse

.

YouTube

-- Written by Robert Holmes in Boston

.

>To contact the writer of this article, click here:

Robert Holmes

.

>To follow Robert Holmes on Twitter, go to

http://twitter.com/RobTheStreet

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.