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MARKET RECAP – OCTOBER 8, 2024

Written By: Jenny Galeano Gamboa

October 8, 2024

STOCK MARKET

Dow Jones ended at $42,080.37 (+0.30%)

S&P 500 ended at $5,751.13 (+0.97%)

Nasdaq Composite ended at $18,182.92 (+1.45%)

The stock market managed to recover from yesterday’s losses due to cooler oil prices, easing tensions in the Middle East, and positive performance in the technology sector. The drop in oil prices and the prospect of Israel’s expected retaliation to Iran missile attacks helped lift stocks, particularly in the technology sector. Additionally, short-term economic data indicating a resilient economy boosted investor confidence, despite concerns about future rate cuts not being as significant as expected. Overall, these factors contributed to the market’s rebound and the gains reported by the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite.

CRYPTO MARKET

Bitcoin fell by 1.67% for the day, with a value of $62,239.40 as of 3:00 PM CST, as stated by Coin Metrics.

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