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Nasdaq and S&P 500 Reach 9-Month Highs as Wage Pressure Eases

Market Update - Daniel Ang The Accidental Trader Traders Academy International 7

The stock market showed significant gains as the Nasdaq and S&P 500 reached 9-month highs. Signs of slowing wage pressure and the suspension of the U.S. debt ceiling contributed to this positive sentiment. Additionally, the manufacturing sector faced ongoing challenges but exhibited resilience in terms of employment. Currency exchange rates reflected the Dollar’s decline and recovery in the Euro. Crude oil prices rose due to the anticipation surrounding the OPEC+ meeting and unexpected increases in U.S. crude oil stockpiles. Gold prices reached a one-week peak, benefiting from the weakening Dollar, while Bitcoin experienced selling pressure amid concerns about inflation and rate hikes.