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MARKET RECAP – AUGUST 29, 2023

Written By: Jenny Galeano Gamboa

August 29, 2023

STOCK MARKET

Dow Jones ended at $34,852.67 (+0.85%)

S&P 500 ended at $4,497.63 (+1.45%)

Nasdaq Composite ended at $13,943.76 (+1.74%)

The stock market witnessed gains across all major indexes for a third trading session as investors shifted their focus back to technology stocks after bond yields fell due to the latest softer-than expected consumer sentiment, as well as the decrease in job openings, which suggests a cooling economy. As a result, the Dow Industrial Average, the S&P 500 and the Nasdaq Composite all increased, with the S&P 500 and the Nasdaq increasing significantly. The rise in tech stocks was led by chipmaker Nvidia, with other popular companies like Meta Platforms, Tesla, Apple, and Microsoft also trading higher. Moreover, positive news regarding AT&T and Best Buy stocks, along with a court decision that could potentially lead to a bitcoin ETF, contributed to the overall market gains.

CRYPTO MARKET

Bitcoin rose significantly by 7.15% with a value of $27,851.38 as of 3:00 PM CST, as stated by Coin Metrics.

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