STOCK MARKET
Dow Jones ended at $39,331.85 (+0.41%)
S&P 500 ended at $5,509.01 (+0.62%)
Nasdaq Composite ended at $18,028.76 (+0.84%)
The stock market experienced gains across all major indexes, including the S&P 500 closing above 5,500 for the first time, primarily due to Federal Reserve Chair Jerome Powell’s comments highlighting progress on inflation. Powell’s remarks reassured investors of ongoing economic stability despite indicating that rate cuts are not imminent, leading to eased treasury yields and positive market sentiment. As a result, the Dow Jones Industrial Average and the Nasdaq Composite also increased, with the latter closing above $18,000 despite Nvidia’s decline. In fact, the overall upward momentum was supported by robust first-half performance and a positive start to the second half of the year. Additionally, Tesla’s 9% jump following better-than-expected second-quarter deliveries significantly boosted the S&P 500.
CRYPTO MARKET
Bitcoin fell by 2.12% for the day, with a value of $61,869.73 as of 3:00 PM CST, as stated by Coin Metrics.
