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MARKET RECAP – JULY 26, 2024

Written By: Jenny Galeano Gamboa

July 26, 2024

STOCK MARKET

Dow Jones ended at $40,589.34 (+1.64%)

S&P 500 ended at $5,459.10 (+1.11%)

Nasdaq Composite ended at $17,357.88 (+1.03%)

The stock market ended the week with gains across all major indexes primarily due to the bullish inflation report, strong GDP data, and expectations of rate cuts by the Federal Reserve. The positive inflation reinforced the belief that a rate cut will likely happen in September, and raised hopes for more rate cuts later in the year. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite increased. Overall, the market rebounded after a volatile week, with the S&P 500 and the Nasdaq managing to recover from the losses they had experienced in the past few days.

CRYPTO MARKET

Bitcoin rose by 4.85% for the day, with a value of $67,897.87 as of 3:00 PM CST, as stated by Coin Metrics.

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