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MARKET RECAP – JULY 16, 2024

Written By: Jenny Galeano Gamboa

July 16, 2024

STOCK MARKET

Dow Jones ended at $40,954.48 (+1.85%)

S&P 500 ended at $5,667.20 (+0.64%)

Nasdaq Composite ended at $18,509.34 (+0.20%)

The stock market witnessed gains across all major indexes for a second consecutive session with the Dow Jones Industrial Average advancing to new highs on hopes of forthcoming interest rate cuts. The Nasdaq Composite and the S&P 500 also joined the upward trend. The latest retail sales data further supported investors’ beliefs that the economy was on solid footing, leading to increased confidence in the market, and as a result of this, there was also a rise in the small-cap-focused Russell 2000. Moreover, the gains reported by the Dow were further boosted by the positive earnings reports from companies like Caterpillar and UnitedHealth.

CRYPTO MARKET

Bitcoin rose by 2.50% for the day, with a value of $65,136.79 as of 3:00 PM CST, as stated by Coin Metrics.

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