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MARKET RECAP – JULY 31, 2024

Written By: Jenny Galeano Gamboa

July 31, 2024

STOCK MARKET

Dow Jones ended at $40,842.79 (+0.24%)

S&P 500 ended at $5,522.30 (+1.58%)

Nasdaq Composite ended at $17,599.40 (+2.64%)

The stock market closed July on a very positive note following the Federal Reserve’s decision to keep interest rates unchanged and the announcement of a possible rate cut in September if inflation continues to slow. This news caused a rally in the stock market, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite increasing. Additionally, the ADP jobs data released earlier in the day suggested a slowing economy, further supporting central bankers’ efforts to reduce inflation. Moreover, the gains experienced by the Nasdaq and the S&P 500 were further pushed up as mega-cap tech stocks also made a comeback during the trading session, further boosting investor confidence. As a result, both indexes posted their best session since February.

CRYPTO MARKET

Bitcoin fell by 1.62% for the day, with a value of $64,757.00 as of 3:00 PM CST, as stated by Coin Metrics

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