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MARKET RECAP – NOVEMBER 3, 2023

STOCK MARKET

Dow Jones ended at $34,061.32 (+0.66%)

S&P 500 ended at $4,358.34 (+0.94%)

Nasdaq Composite ended at $13,478.28 (+1.38%)

The stock market ended the week with a remarkable upswing, bouncing back from previous uncertainties and geopolitical tensions as despite some initial hesitations, investor confidence was restored, leading to significant gains across all major indexes. Throughout the week, the Dow Jones Industrial Average saw a notable increase of 5%, while the S&P 500 and Nasdaq Composite also experienced substantial jumps of 6% each. Factors contributing to this positive turnaround included the latest weaker-than-expected jobs report, which suggested that the Federal Reserve’s efforts to cool the economy and control inflation may be working, alleviating concerns about interest rates. This, coupled with lower bond yields, provided a favorable environment for equities, with the Dow, the S&P 500 and the Nasdaq all experiencing gains for a fifth consecutive session. Additionally, investors grew hopeful that the Fed’s rate-hiking campaign may be coming to an end, further driving positive sentiment in the market.

CRYPTO MARKET

Bitcoin fell by 1.16% with a value of $34,531.89 as of 3:00 PM CST, as stated by Coin Metrics.

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