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MARKET RECAP – APRIL 23, 2024

STOCK MARKET

Dow Jones ended at $38,503.69 (+0.69%)

S&P 500 ended at $5,070.55 (+1.20%)

Nasdaq Composite ended at $15,696.64 (+1.59%)

The stock market witnessed gains across all major indexes due to a strong batch of corporate earnings that exceeded expectations. Companies such as Spotify, UPS, and GE Aerospace posted better-than-expected earnings, leading to a positive sentiment among investors. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all increased, with the last two indexes increasing above 1%. Additionally, the sell-off in tech stocks had investors buying the dip, further contributing to the market gains. Moreover, treasury yields also pulled back after U.S. manufacturing data showed a four-month low, easing concerns about higher inflation and interest rates. Overall, the latest earnings reports which displayed positive performances, as well as, the possibility of lower interest rates helped to boost investor confidence and drive the stock market higher.

CRYPTO MARKET

Bitcoin rose by 0.11% for the day, with a value of $66,467.45 as of 3:00 PM CST, as stated by Coin Metrics.

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