STOCK MARKET
Dow Jones ended at $39,497.54 (+0.13%)
S&P 500 ended at $5,344.16 (+0.47%)
Nasdaq Composite ended at $16,745.30 (+0.51%)
The stock market managed to end the week on a positive note as all three major indexes continued recovering from Monday’s sell-off. Throughout the week, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite experienced volatile trading, with Monday seeing significant losses. However, as the week progressed, positive economic data and the belief that another crisis was not imminent helped to boost investor confidence. Moreover, it is worth noting that the selling earlier in the week was attributed to hedge funds unwinding a currency trade, rather than fundamental threats to the economy. This, along with investors stepping in to “buy the dip,” contributed to the market’s recovery and positive finish to the week. Overall, the market’s volatility was seen as typical for the late summer months, and not indicative of a deteriorating economy in the long term.
CRYPTO MARKET
Bitcoin rose by 2.08% for the day, with a value of $60,657.00 as of 3:00 PM CST, as stated by Coin Metrics.
