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MARKET RECAP – SEPTEMBER 18, 2023

STOCK MARKET

Dow Jones ended at $34,624.30 (+0.02%)

S&P 500 ended at $4,453.53 (+0.07%)

Nasdaq Composite ended at $13,710.24 (+0.01%)

The stock market began the week with very small gains across all major indexes as investors await the Federal Reserve meeting scheduled for later in the week to gain more insight into the future of interest rates. Market traders are highly confident, with a 99% probability, that the central bank would maintain interest rates unchanged in their imminent rate decision on Wednesday, however, there is less consensus on what the Fed might do in November, with the market anticipating a 31% chance of a rate hike. Consequently, despite this uncertainty, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all still managed to end on a positive note while still remaining almost unchanged. Moreover, Apple’s positive performance, with a gain of around 2%, helped buoy the broader market, nonetheless, this trend was not shared by automakers like Ford, Stellantis and General Motors as their respective shares declined due to the ongoing United Auto Workers strike.

CRYPTO MARKET

Bitcoin rose by 1.23% with a value of $26,837.61 as of 3:00 PM CST, as stated by Coin Metrics.

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