STOCK MARKET
Dow Jones ended at $33,839.08 (+1.70%)
S&P 500 ended at $4,317.78 (+1.89%)
Nasdaq Composite ended at $13,294.19 (+1.78%)
The stock market has extended its upward trajectory for a fourth consecutive session as all major indexes registered significant gains. This was primarily driven by falling Treasury yields, which prompted investors to speculate that the Federal Reserve may not raise interest rates further in 2023. As a result, the Dow Jones Industrial Average, the S&P 500 and Nasdaq Composite all experienced solid gains of almost 2%. The rally was broad-based, with all 11 sectors of the S&P 500 trading in positive territory. In addition, positive economic data, including easing inflation and a slowing labor market, added to investor confidence in the Federal Reserve’s cautious approach. Moreover, today’s rally was also due to the positive performances in the technology sector as investors hailed the drop in rates, leading to gains in shares of companies like Tesla and Nvidia. Additionally, Apple saw an increase of almost 2% ahead of its earnings report after the market closed. Nonetheless, despite this optimism sentiment in the overall market, it is still important to highlight that certain concerns remain over the potential for volatility in inflation and the possibility of a rate increase at the December meeting.
CRYPTO MARKET
Bitcoin rose by 1.24% with a value of $35,015.00 as of 3:00 PM CST, as stated by Coin Metrics.
