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MARKET RECAP – AUGUST 6, 2024

Written By: Jenny Galeano Gamboa

August 6, 2024

STOCK MARKET

Dow Jones ended at $38,997.66 (+0.76%)

S&P 500 ended at $5,240.03 (+1.04%)

Nasdaq Composite ended at $16,366.86 (+1.03%)

The stock market has bounced back from the losses it witnessed in the last three trading sessions due to investors taking a break from recession fears and a rally in Japanese equities. The positive performance of the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite, along with sectors across the market, contributed to the rebound. Additionally, the recovery experienced by Japanese stocks, after the significant drop they experienced yesterday, helped boost sentiment. Moreover, it is worth noting that although the volatility in the market may continue in the near term, some analysts believe that the growth scare is overdone and that the underlying economic fundamentals are still strong.

CRYPTO MARKET

Bitcoin rose by 6.32% for the day, with a value of $56,801.75 as of 3:00 PM CST, as stated by Coin Metrics.

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