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MARKET RECAP – OCTOBER 11, 2024

Written By: Jenny Galeano Gamboa

October 11, 2024

STOCK MARKET

Dow Jones ended at $42,863.86 (+0.97%)

S&P 500 ended at $5,815.03 (+0.61%)

Nasdaq Composite ended at $18,342.94 (+0.33%)

The stock market managed to recover from yesterday’s losses, and ended the week on a positive note thanks to a strong start to the third-quarter earnings season, led by banking giants like JPMorgan Chase and Wells Fargo posting better-than-expected results. Additionally, as the latest PCI report showed signs of cooling inflation, fears of interest rate hikes were alleviated, and this boosted investor confidence. As a result, the S&P 500 and the Dow Jones Industrial Average were pushed to new highs, and although there were negative news from Tesla in regards to its disappointing robotaxi event, the Nasdaq Composite also managed to report gains.

CRYPTO MARKET

Bitcoin rose by 5.88% for the day, with a value of $63,064.96 as of 3:00 PM CST, as stated by Coin Metrics.

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