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MARKET RECAP – DECEMBER 13, 2023

Written By: Jenny Galeano Gamboa

December 13, 2023

STOCK MARKET

Dow Jones ended at $37,090.24 (+1.40%)

S&P 500 ended at $4,707.09 (+1.37%)

Nasdaq Composite ended at $14,733.96 (+1.38%)

The stock market witnessed gains across all major indexes for a fifth consecutive session with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all experiencing significant gains. This rally was fueled by the Federal Reserve’s announcement signaling multiple rate cuts next year. The central bank’s decision to hold the benchmark overnight borrowing rate steady and forecast three rate cuts in 2024, along with the acknowledgment that inflation has eased and a formal lowering of the inflation forecast, pleased investors who had been hoping for a less aggressive monetary stance. The market also responded positively to encouraging inflation data and a drop in the 10-year Treasury yield. Moreover, the S&P 500 and the Nasdaq were also boosted by the gains experienced in the Bank of America, Wells Fargo and Home Depot.

CRYPTO MARKET

Bitcoin rose by 4.18% for the day, with a value of $42,893.82 as of 3:00 PM CST, as stated by Coin Metrics.

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