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MARKET RECAP – DECEMBER 1, 2023

STOCK MARKET

Dow Jones ended at $36,245.50 (+0.82%)

S&P 500 ended at $4,594.58 (+0.59%)

Nasdaq Composite ended at $14,305.03 (+0.55%)

The stock market ended the week with gains across all major indexes as the Dow Jones Industrial Average reached new highs and capped off its best month in over a year, while the S&P 500 and the Nasdaq Composite also experienced gains. These performances occurred amidst Federal Reserve Chair Jerome Powell’s latest remarks, which were interpreted as a sign that the central bank will halt interest rate hikes. As a result, yields fell while stocks rallied, which suggests that the market believes the Fed is addressing the issue of inflation and may cut rates to support the economy. Additionally, the gains from November, and the historical trend of strong stock returns in December, contributed to the positive market sentiment. Furthermore, the prevailing consensus, as expressed by Bob Doll, chief investment officer at Crossmark Global Investments, is that the market is optimistic about the prospect of the Fed addressing inflation and potentially cutting rates in the future, which is encouraging for stock prices.

CRYPTO MARKET

Bitcoin rose by 2.72% for the day, with a value of $38,774.10 as of 3:00 PM CST, as stated by Coin Metrics.

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