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MARKET RECAP – JULY 28, 2023

Written By: Jenny Galeano Gamboa

July 28, 2023

STOCK MARKET

Dow Jones ended at $35,459.29 (+0.50%)

S&P 500 ended at $4,582.23 (+0.99%)

Nasdaq Composite ended at $14,316.16 (+1.90%)

The stock market ended the week with gains across all major indexes following the recent PCE, which revealed that inflation fell at its lowest in nearly two years, and eased concerns of the Federal Reserve needing to raise interest rates further. This positive news on inflation, combined with the latest stronger-than-expected earnings reports from Intel and Procter & Gamble, boosted up the overall market, and supported the belief that the U.S. economy could avoid a recession. Consequently, the Dow Jones Industrial Average switched back to its upward trend, and it was joined by higher gains experienced by the S&P 500 and the Nasdaq Composite.

CRYPTO MARKET

Bitcoin rose by 0.62% with a value of $29,315.15 as of 3:00 PM CST, as stated by Coin Metrics.

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