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MARKET RECAP – OCTOBER 10, 2023

STOCK MARKET

Dow Jones ended at $33,739.30 (+0.40%)

S&P 500 ended at $4,335.66 (+0.63%)

Nasdaq Composite ended at $13,562.84 (+0.58%)

The stock market experienced gains for a second consecutive day primarily due to declines in Treasury yields and relief among investors. The benchmark 10-year Treasury yield fell, leading to an increase in stock prices as investors sought safer assets amid the Israel-Hamas conflict. Additionally, the decrease in oil prices, the  positive third-quarter earnings reports from companies like PepsiCo also contributed to the market gains, and the upward performance of the small-cap stocks Russell 2000 and S&P Small Cap 600 indexes further added to the positive market sentiment. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all increased. Moreover, investors also began looking beyond the geopolitical risks and focused on positive factors such as the stronger-than-expected September payrolls report and anticipation of third-quarter earnings. This optimism, coupled with the hope that the Federal Reserve’s tightening cycle might be nearing its end, further supported equity markets.

CRYPTO MARKET

Bitcoin fell by 0.78% with a value of $27,391.30 as of 3:00 PM CST, as stated by Coin Metrics.

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