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MARKET RECAP – MAY 3, 2024

Written By: ClearValue Team

May 3, 2024

STOCK MARKET

Dow Jones ended at $38,678.68 (+1.18%)

S&P 500 ended at $5,127.79 (+1.26%)

Nasdaq Composite ended at $16,156.33 (1.99%)

Big news in the stock market today as US stocks soared, mainly thanks to strong earnings from Apple. This upbeat news boosted investor confidence. In other news, the latest job report showed fewer jobs added last month than expected, which has led some to believe that the Federal Reserve might lower interest rates soon. This speculation has grown because a cooling job market can prompt the Fed to make borrowing cheaper to encourage spending and investment. Market watchers now see a good chance that interest rates could be cut by September. This could have broader impacts on the economy, affecting everything from job opportunities to consumer prices.

CRYPTO MARKET

Bitcoin rose by 4.78% for the day, with a value of $62,032.67 as of 3:00 PM CST, as stated by Coin Metrics.

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