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MARKET RECAP – AUGUST 25, 2023

Written By: Jenny Galeano Gamboa

August 25, 2023

STOCK MARKET

Dow Jones ended at $34,346.90 (+0.73%)

S&P 500 ended at $4,405.71 (+0.67%)

Nasdaq Composite ended at $13,590.65 (+0.94%)

The stock market ended the week on a positive note as traders were optimistic about the economy after comments made by Federal Reserve Chairman Jerome Powell. Powell stated that the economy is growing faster than expected and that inflation needs to be brought back down to the desired goal of 2%. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all experienced gains. In addition, the overall market was boosted further by the gains experienced in energy, consumer discretionary, and industrial sectors. Moreover, while Powell did not give a clear indication of future interest rate changes, rising Treasury yields will likely impact the market.

CRYPTO MARKET

Bitcoin fell by 0.34% with a value of $25,950.64 as of 3:00 PM CST, as stated by Coin Metrics.

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