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MARKET RECAP – FEBRUARY 16, 2024

Written By: Jenny Galeano Gamboa

February 16, 2024

STOCK MARKET

Dow Jones ended at $38,627.99 (-0.37%)

S&P 500 ended at $5,005.57 (-0.48%)

Nasdaq Composite ended at $15,775.65 (-0.82%)

The stock market ended the week with losses across all major indexes due to concerns about inflation and the timing of potential Federal Reserve rate cuts. Since the producer price index for January showed a higher-than-expected increase in wholesale inflation, there are now fears that the Fed may delay rate cuts until the second half of the year. This uncertainty about the direction of interest rates and the economy led to market volatility and a lack of confidence among investors. As a result, the stock market ended its five-week winning streak, with the S&P 500, Dow, and Nasdaq all decreasing.

CRYPTO MARKET

Bitcoin rose by 0.07% for the day, with a value of $51,854.99 as of 3:00 PM CST, as stated by Coin Metrics.

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