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MARKET RECAP – AUGUST 28, 2023

Written By: Jenny Galeano Gamboa

August 28, 2023

STOCK MARKET

Dow Jones ended at $34,559.98 (+0.62%)

S&P 500 ended at $4,433.31 (+0.63%)

Nasdaq Composite ended at $13,705.13 (+0.84%)

The stock market began the last trading week of August with increases across all major indexes as investors were optimistic about the market’s potential for recovery following the losses witnessed throughout the month. Consequently, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all experienced gains, with the Nasdaq leading the upward trend. This positive sentiment was driven by signs of economic growth, and recent comments from Federal Reserve Chair Jerome Powell, which indicated a cautious approach to future rate hikes, and provided further reassurance to investors. Additionally, although the tech sector had experienced a downturn earlier in the month, they began to show signs of improvement, with tech stocks like Meta and Apple trading higher. Moreover, sectors like energy, industrial, and real estate have performed well, contributing to the positive momentum.

CRYPTO MARKET

Bitcoin fell by 0.56% with a value of $25,975.96 as of 3:00 PM CST, as stated by Coin Metrics.

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