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MARKET RECAP – OCTOBER 6, 2023

STOCK MARKET

Dow Jones ended at $33,407.58 (+0.87%)

S&P 500 ended at $4,308.50 (+1.18%)

Nasdaq Composite ended at $13,431.34 (+1.60%)

The stock market ended the week on a positive note as the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all increased despite the release of strong U.S. jobs data and a rise in Treasury yields. Although the overall market had initially fallen in response to the robust jobs report, all three major indexes eventually rebounded, with the Nasdaq and the S&P 500 experiencing significant gains. The reasons for the turnaround are unclear, but some possible factors include investors reconsidering their pessimistic stance due to lower-than-expected wage growth, the decrease in Treasury yields from their peak levels, and the market being oversold after a significant decline earlier in the week. Moreover, the positive peformance of technology stocks like Palo Alto Networks, Monolithic Power Systems, Advanced Micro Devices, and Arista Networks, and the progress in talks between the UAW, which boosted shares of GM and Ford, further contributed to the gains experienced by the S&P 500 and the Nasdaq.

CRYPTO MARKET

Bitcoin rose by 1.71% with a value of $27,958.49 as of 3:00 PM CST, as stated by Coin Metrics.

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