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MARKET RECAP – FEBRUARY 22, 2024

Written By: Jenny Galeano Gamboa

February 22, 2024

STOCK MARKET

Dow Jones ended at $39,069.11 (+1.18%)

S&P 500 ended at $5,087.03 (+2.11%)

Nasdaq Composite ended at $16,041.62 (+2.96%)

The stock market witnessed significant gains across all major indexes following the stronger-than-expected quarterly results reported by chip giant Nvidia. The company’s 265% increase in total revenue from a year ago, driven by its thriving artificial intelligence business, contributed to soaring confidence in the tech sector and broader market. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite reported significant gains, with the latter increasing by almost 3%. Moreover, Nvidia’s positive performance also impacted other tech giants such as Meta, Amazon, Microsoft, and Netflix. Nonetheless, despite these gains, it is still important to highlight that some experts have caution about the potential for stocks to drop if high earnings expectations and valuations are not met, particularly within the semiconductor sector.

CRYPTO MARKET

Bitcoin rose by 1.90% for the day, with a value of $51,971.00 as of 3:00 PM CST, as stated by Coin Metrics.

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