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MARKET RECAP – OCTOBER 16, 2023

STOCK MARKET

Dow Jones ended at $33,984.54 (+0.93%)

S&P 500 ended at $4,373.63 (+1.06%)

Nasdaq Composite ended at $13,567.98 (+1.20%)

The stock market kicked off the week with gains across all major indexes as investors brushed off concerns about volatility and geopolitical tensions. The positive trend was primarily fueled by anticipation of a wave of corporate earnings reports and the market’s ability to overlook rising Treasury yields. Optimism surrounding the upcoming earnings season, with 11% of S&P 500 companies expected to report results, combined with strong performances from companies like Nike and Salesforce, played a significant role in driving stock prices higher. Consequently, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all increased, with the S&P 500 and the Nasdaq reporting significant gains. Moreover, the positive earnings reports from Charles Schwab, JPMorgan Chase, Wells Fargo, and UnitedHealth in the previous week further boosted market sentiment. Overall, the market displayed a relief rally and a return to focusing on fundamentals amidst a backdrop of geopolitical uncertainties and rising yields.

CRYPTO MARKET

Bitcoin rose by 5.39% with a value of $28,484.19 as of 3:00 PM CST, as stated by Coin Metrics.

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