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MARKET RECAP – APRIL 16, 2024

Written By: Jenny Galeano Gamboa

April 16, 2024

STOCK MARKET

Dow Jones ended at $37,798.97 (+0.17%)
S&P 500 ended at $5,051.41 (-0.21%)
Nasdaq Composite ended at $15,865.25 (-0.12%)

The stock market witnessed mixed performances due to Federal Reserve Chair Jerome Powell’s comments on interest rates needing to stay elevated, which caused the S&P 500 and the Nasdaq Composite to close lower. Although the majority of S&P 500-listed firms have reported positive corporate, higher rates weighed on investors, and tensions in the Middle East also added to market uncertainty. However, despite this uncertain sentiment, the Dow Jones Industrial Average managed to recover from its six-day losing streak, as it rose on the back of strong performances from companies like UnitedHealth and Morgan Stanley.

CRYPTO MARKET

Bitcoin fell by 0.95% for the day, with a value of $62,726.51 as of 3:00 PM CST, as stated by Coin Metrics.

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