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MARKET RECAP – MARCH 1, 2024

Written By: Jenny Galeano Gamboa

March 1, 2024

STOCK MARKET

Dow Jones ended at $39,087.38 (+0.23%)

S&P 500 ended at $5,137.08 (+0.80%)

Nasdaq Composite ended at $16,274.94 (+1.14%)

The stock market began the month on a positive note because the Nasdaq Composite increased by over 1% to reach an all-time high, surpassing its 2021 record. This was due to investors’ optimism about the prospects of megacap technology stocks, particularly in the face of slowing inflation and a projected boom in artificial intelligence. The S&P 500 also closed above 5100 for the first time, and the Dow Jones Industrial Average joined the upward trend too. Additionally, the Federal Reserve’s pivot toward rate cuts and the optimism surrounding AI has contributed to the tech rally and the broader market’s positive performance. Moreover, despite concerns surrounding troubled regional banks, the major U.S. stock benchmarks have been on track for a seventh positive week out of the last eight.

CRYPTO MARKET

Bitcoin rose by 0.97% for the day, with a value of $62,756.00 as of 3:00 PM CST, as stated by Coin Metrics.

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