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MARKET RECAP – JULY 26, 2023

STOCK MARKET

Dow Jones ended at $35,520.12 (+0.23%)

S&P 500 ended at $4,566.75 (-0.02%)

Nasdaq Composite ended at $14,127.28 (-0.12%)

The stock market experienced mixed results across all major indexes following the Federal Reserve’s decision to raise interest rates to their highest level in over 22 years. While the rate hike was expected, the uncertainty surrounding future rate hikes and Chairman Jerome Powell’s comments about being “data-dependent” left traders unsure about the central bank’s next move. Consequently, the Dow Jones Industrial Average increased for a thirteenth consecutive session – a winning streak not seen since 1987. The gains experienced by the Dow were also boosted by Boeing’s strong earnings report. On the other hand, despite the Alphabet’s strong revenue growth, the Nasdaq Composite decreased after Microsoft reported a slowing cloud revenue growth, resulting in its stock sliding by more than 4%. In addition, the S&P 500 also decreased but it remained relatively unchanged.

CRYPTO MARKET

Bitcoin rose by 0.60% with a value of $29,405.95 as of 3:00 PM CST, as stated by Coin Metrics.

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