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MARKET RECAP – OCTOBER 11, 2023

STOCK MARKET

Dow Jones ended at $33,804.87 (+0.19%)

S&P 500 ended at $4,376.95 (+0.43%)

Nasdaq Composite ended at $13,659.68 (+0.71%)

The stock market experienced gains across all major indexes for a third day in a row as investors await the release of new U.S. consumer inflation numbers, which would provide insights into future Federal Reserve policy moves. Additionally, following the latest Fed minutes report, it was revealed that although there are duffering views on another rate hike, the majority of Fed officials have indicated that rate should stay elevated until there are signs of inflation decreasing to the 2% goal. Moreover, this news combined with the decrease in treasury yields, boosted investor confidence in the stock market. As a result, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all saw increases, with the Dow at one point being up more than 143 points. Nonetheless, despite the positive sentiment witnessed in today’s trading session, it is worth noting that investors remain cautious about inflation, recognizing that it could still pose a challenge.

CRYPTO MARKET

Bitcoin fell by 2.30% with a value of $26,755.92 as of 3:00 PM CST, as stated by Coin Metrics.

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