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MARKET RECAP – OCTOBER 20, 2023

Written By: Jenny Galeano Gamboa

October 20, 2023

STOCK MARKET

Dow Jones ended at $33,127.28 (-0.86%)

S&P 500 ended at $4,224.16 (-1.26%)

Nasdaq Composite ended at $12,983.81 (-1.53%)

The stock market ended the week on a negative note with all major indexes decreasing due to concerns about the state of the economy. This was prompted by a surge in the 10-year Treasury yield, which reached its highest level in 16 years, offering investors an attractive alternative to stocks and prompting broader worries. This increase in yields could also lead to higher rates on mortgages, credit cards, auto loans, and other borrowing rates, which could potentially slow down economic activity. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all decreased. Additionally, weak earnings reports from American Express and SolarEdge, along with tightened restrictions on sales of advanced AI chips to China, further contributed to the losses experienced by the overall market.

CRYPTO MARKET

Bitcoin rose by 2.87% with a value of $29,571.27 as of 3:00 PM CST, as stated by Coin Metrics.

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