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MARKET RECAP – DECEMBER 8, 2023

STOCK MARKET

Dow Jones ended at $36,247.87 (+0.36%)

S&P 500 ended at $4,604.37 (+0.41%)

Nasdaq Composite ended at $14,403.97 (+0.45%)

The stock market ended the week with gains across all major indexes following the latest solid jobs report and the University of Michigan consumer survey, which indicated a resilient economy and decreasing inflation. Many analysts and investment strategists believe these factors support a “soft landing” scenario for the economy, suggesting that the economy is not at risk of recession. Additionally, the unexpected drop in the unemployment rate and an increase in consumer sentiment contributed to a positive bias for stocks and risk assets.  As a result, the S&P 500 reached a new high for the year, while the Dow Jones Industrial Average and the Nasdaq Composite also joined the upward trend. Moreover, the data also indicated that the Federal Reserve’s rate-hiking cycle may be coming to an end, further boosting investor confidence. Furthermore, amisdst this news, shares of companies like Boeing, FedEx, and Costco hit new highs for the year as investors anticipated the economy avoiding a recession.

CRYPTO MARKET

Bitcoin rose by 2.77% for the day, with a value of $44,397.71 as of 3:00 PM CST, as stated by Coin Metrics.

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