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MARKET RECAP – AUGUST 21, 2024

Written By: Jenny Galeano Gamboa

August 21, 2024

STOCK MARKET

Dow Jones ended at $40,890.49 (+0.14%)

S&P 500 ended at $5,620.85  (+0.42%)

Nasdaq Composite ended at $17,918.99 (+0.57%)

The stock market managed to recover from yesterday’s losses as the Federal Reserve minutes for the July meeting reinforced hope for lower rates in the near future. Fed officials indicated that a decrease to the borrowing cost during the September policy meeting was increasingly likely, which boosted expectations for a rate cut next month. This news lifted investors’ hopes, leading to a positive day for the Dow Jones Industrial Average, the S&P 500 and Nasdaq Composite, with all three indexes posting gains. Now, the focus will be on the commentary from Fed chair Jerome Powell at the Jackson Hole Economic Symposium on Friday.

CRYPTO MARKET

Bitcoin rose by 3.78% for the day, with a value of $61,704.12 as of 3:00 PM CST, as stated by Coin Metrics.

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