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MARKET RECAP – OCTOBER 30, 2023

STOCK MARKET

Dow Jones ended at $32,928.96 (+1.58%)

S&P 500 ended at $4,166.82 (+1.20%)

Nasdaq Composite ended at $12,789.48 (+1.16%)

The stock market began the week on a positive note with significant gains across all major indexes. The S&P 500, which was trying to climb out of correction territory, saw its best performance since late August, accompanied by a impressive jump in the Nasdaq Composite. Meanwhile, the Dow Jones Industrial Average also experienced a notable gain, marking its best day since June 2. The optimism in the market can be attributed to several factors: Firstly, the previous week’s negativity created a scenario where investors initiated a “claw back” today, displaying renewed confidence in the market’s outlook. In addition, market strategist Art Hogan highlighted that investors may have already factored in the prevailing bad news, leading to an improved market performance. Moreover, communication services, including tech giants like Amazon and Meta Platforms, outperformed and contributed to the overall market rally. And lastly, the expectation that the Federal Reserve would hold its benchmark interest rate steady, signaling a potential halt in rate hikes, contributed to investor confidence. Overall, these factors combined to create a favorable environment for the stock market’s promising start to the week.

CRYPTO MARKET

Bitcoin fell by 0.42% with a value of $34,447.18 as of 3:00 PM CST, as stated by Coin Metrics.

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