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MARKET RECAP – AUGUST 15, 2024

Written By: Jenny Galeano Gamboa

August 15, 2024

STOCK MARKET

Dow Jones ended at $40,563.06 (+1.39%)

S&P 500 ended at $5,543.22  (+1.61%)

Nasdaq Composite ended at $17,594.50 (+2.34%)

The stock market has witnessed gains for another trading session due to encouraging consumer and labor data, including a 1% increase in retail sales and a decrease in weekly jobless claims. This data indicates that the economy remains strong and is not imminently headed for a recession. As a result, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all increased significantly, with the latter rising by over 2% once again. Additionally, the rebound in equities was bolstered by strong earnings reports from companies like Walmart and Cisco Systems. Overall, market sentiment has turned more positive, and investors are feeling increasingly confident in the economy and the potential for a Federal Reserve interest rate cut in September.

CRYPTO MARKET

Bitcoin fell by 3.09% for the day, with a value of $57,083.87 as of 3:00 PM CST, as stated by Coin Metrics.

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