Sunday, April 14, 2024
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Stocks Have Not Changed Much

Even though U.S. lawmakers were able to reach a short-term compromise that prevented a government shutdown, stocks were largely unchanged on Monday.

Approximately 0.1% or 50 points were lost by the Dow Jones Industrial Average. While the Nasdaq Composite gained 0.5%, the S&P 500 only gained 0.1% on the day.

After announcing a decline in overall production and delivery volumes for the third quarter, electric vehicle manufacturer Tesla’s stock price dropped 1.5%. Coinbase and Marathon Digital, two companies that deal in cryptocurrencies, saw their shares rise 5.5% and 12.7%, respectively, as cryptocurrency values increased.

The only sectors in the broad market index that were positive were the communications services and technology sectors. The IT sector traded 0.8% higher while communication services climbed 1%.

With only a few hours to go before a deadline of Saturday at midnight, the Senate approved a continuing resolution, which President Joe Biden subsequently signed into law. By extending the government’s opening until mid-November, the plan gives lawmakers more time to complete funding legislation.

Source (CNBC)

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