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Equities ended the week with a bang Friday after the jobs report for September managed to combine surprisingly strong job gains and moderate wage inflation. This Goldilocks combination helped the S&P 500 Index break a four-week losing streak and the Nasdaq Composite rise to its highest close in more than two weeks. The S&P 500 Index rose 1.2% and gained 0.5% for the week, the Dow Jones Industrial Average was up 0.9% but was down 0.3% for the week, and the Nasdaq Composite was up 1.6% and gained 1.6% for the week. Energy shares were among the market’s strongest sectors behind a rebound in crude oil futures, though oil prices still ended down more than 8% for the week. Technology and industrial shares were also strong. European equity markets also gained on Friday, with the German DAX and Euro Stoxx 50 index rising by 1.1% each. Leading the Friday gains were tech, retailers, and bank shares, all of which rose by more than 1%.
Summary for 09.10.2023
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