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MARKET RECAP – OCTOBER 19, 2023

STOCK MARKET

Dow Jones ended at $33,414.17 (-0.75%)

S&P 500 ended at $4,278.00 (-0.85%)

Nasdaq Composite ended at $13,186.18 (-0.96%)

The stock market witnessed declines across all major indexes for a second consecutive session as investors reacted to remarks made by Federal Reserve Chair Jerome Powell, who indicated that inflation is still too high and it may require lower economic growth. This uncertainty about future actions by the Fed raised concerns among investors, leading to the decline experienced by the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite. Additionally, rising bond yields, with the U.S. 10-year Treasury yield nearing the 5% level last seen in 2007, made stocks comparatively less attractive, contributing to the market losses. Furthermore, specific company earnings reports also influenced the market, with Tesla’s disappointing results causing its stock to decline.

CRYPTO MARKET

Bitcoin rose by 1.78% with a value of $28,795.61 as of 3:00 PM CST, as stated by Coin Metrics.

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