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MARKET RECAP – NOVEMBER 14, 2023

STOCK MARKET

Dow Jones ended at $34,827.70 (+1.43%)

S&P 500 ended at $4,495.70 (+1.91%)

Nasdaq Composite ended at $14,094.38 (+2.37%)

The stock market experienced significant gains across all major indexes due to new U.S. inflation data that suggested the Federal Reserve may wrap up its rate-hiking campaign. The data showed that inflation was lower than expected, instilling optimism in the market that the Federal Reserve could end its rate-hiking campaign. This led to gains in the stock market, with the Dow Jones Industrial Average and the S&P 500 expecting gains of over 1%, and the Nasdaq Composite increasing above 2%. Additionally, shares of technology companies and bank stocks also saw significant gains, further contributing to the overall positive performance of the stock market. Tech stocks such as Microsoft and Tesla saw significant gains, with the Technology Select Sector SPDR Fund hitting a record level. Bank stocks like Bank of America and Wells Fargo also jumped on the hope that the economy could avoid a recession.

CRYPTO MARKET

Bitcoin fell by 4.16% for the day, with a value of $35,283.67 as of 3:00 PM CST, as stated by Coin Metrics.

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