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MARKET RECAP – MARCH 27, 2023

STOCK MARKET

Dow Jones ended at $32,432.08 (+0.6%)

S&P ended at $3,977.53 (+0.16%)

Nasdaq Composite ended at $11,768.84 (-0.47%)

The stock market was mixed today, with gains in some indexes and a decline in the Nasdaq Composite. The blue-chip stock index (Dow Jones Industrial Average) and the S&P 500 showed gains of 0.6% and 0.16%, respectively. The Dow Jones continued its upward trend from last week- indicating that traders are seeking to move past the recent regional bank crisis triggered by SVB’s collapse.

CRYPTO MARKET

Bitcoin fell by 3.18% with a value of $26,958.36 as of 3:00 PM CDT, as stated by Coin Metrics.

Bitcoin’s value decreased after it emerged that the US Commodity Futures Trading Commission (CFTC) is suing the cryptocurrency exchange Binance for allegedly breaking trading rules. Binance is being charged with violating eight rules of a commodities trading law aimed at preventing money laundering and terrorism financing. The lawsuit was filed today in a federal court in Chicago and, if found guilty, there could be negative consequences for Binance’s business.

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