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MARKET RECAP – FEBRUARY 29, 2024

STOCK MARKET

Dow Jones ended at $38,996.39 (+0.12%)

S&P 500 ended at $5,096.27 (+0.52%)

Nasdaq Composite ended at $16,091 (+0.90%)

The stock market ended February on a positive note after all major indexes reported gains. This was due the positive sentiment among investors following the release of the latest inflation, as well as the positive U.S. housing numbers. The inflation metric was in line with Wall Street forecasts, and there were signs of robust consumer spending. This data was a relief for investors who were worried about inflation reaccelerating and causing the Fed to delay rate cuts. Additionally, strong personal income growth was reported, but pending home sales posted a surprise drop in January. Consequently, the Nasdaq closed at its first record since 2021, leading the pack with a 5.2% gain, while the S&P 500 and Dow also saw significant gains for the month of February.

CRYPTO MARKET

Bitcoin rose by 2.42% for the day, with a value of $61,731.28 as of 3:00 PM CST, as stated by Coin Metrics.

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