On this October 20th, 2025 episode of The Gentle Ledger, markets breathe a collective sigh of relief. The Dow climbs above 46,700, the S&P 500 edges near record highs, and the Nasdaq rises as tech and small caps lead a renewed rally. Apple shines on optimism around new iPhone sales, while industrials like Cleveland-Cliffs surge on resource discoveries. Overseas, Japan and Europe follow the U.S. rebound, gold glimmers higher, and Treasury yields steady near 3.98%. Through calm narration and mindful pacing, this episode explores the balance between risk and refuge—a gentle reminder that even in volatility, markets can exhale.