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MARKET RECAP – AUGUST 23, 2024

Written By: Jenny Galeano Gamboa

August 23, 2024

STOCK MARKET

Dow Jones ended at $41,175.08 (+1.14%)

S&P 500 ended at $5,634.61  (+1.15%)

Nasdaq Composite ended at $17,877.79 (+1.47%)

The stock market ended the week on a very positive note as Federal Reserve Chair Jerome Powell indicated that interest rate cuts were on the horizon. This news pleased traders and investors, who are now expecting a rate cut at the September meeting. This optimistic outlook led to a rally in technology stocks and small-cap stocks, driving the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite to post gains of over 1%. Overall, the market is hopeful that a lower-rate environment will benefit various sectors and help boost economic growth.

CRYPTO MARKET

Bitcoin rose by 5.53% for the day, with a value of $63,632.77 as of 3:00 PM CST, as stated by Coin Metrics.

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