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MARKET RECAP – FEBRUARY 13, 2024

Written By: Jenny Galeano Gamboa

February 13, 2024

STOCK MARKET

Dow Jones ended at $38,272.75 (-1.35%)

S&P 500 ended at $4,953.17 (-1.37%)

Nasdaq Composite ended at $15,655.60 (-1.80%)

The stock market experienced losses across all major indexes after a hotter-than-expected inflation report for January spiked Treasury yields and raised doubts about the Federal Reserve’s ability to cut rates several times this year. The consumer price index rose 0.3% in January from December, exceeding economists’ expectations, leading to concerns about potential interest rate hikes. This prompted a sell-off in the stock market, with the Dow Jones Industrial Average, S&P 500, Nasdaq Composite, and Russell 2000 all posting significant losses of over 1%. Additionally, corporate news also affected the market as Hasbro and Avis Budget Group saw declines after missing analyst expectations and reporting disappointing revenue, respectively. Nonetheless, not all was negative as JetBlue Airways rose 20% after activist investor Carl Icahn reported a nearly 10% stake in the airline.

CRYPTO MARKET

Bitcoin fell by 1.34% for the day, with a value of $49,396.83 as of 3:00 PM CST, as stated by Coin Metrics.

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