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MARKET RECAP – MAY 9, 2024

STOCK MARKET

Dow Jones ended at $39,387.76 (+0.85%)

S&P 500 ended at $5,214.08 (+0.51%)

Nasdaq Composite ended at $16,346.27 (+0.27%)

The stock market witnessed gains across all major indexes due to the positive news on new jobless claims data rekindling hope for Federal Reserve rate cuts later in the year. This news, along with strong demand in a bond auction leading to lower yields, helped drive the market higher. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all increased. Additionally, strong performances from companies like Home Depot and Caterpillar, as well as a positive sentiment towards buying risk in the market, contributed to the gains. Moreover, it is worth noting that despite some quarterly earnings reports coming in below expectations, such as those from Warner Bros Discovery, Airbnb and Arm, the overall positive news and market sentiment led to a successful day for the stock market.

CRYPTO MARKET

Bitcoin rose by 0.35% for the day, with a value of $62,443.39 as of 3:00 PM CST, as stated by Coin Metrics.

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