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MARKET RECAP – MAY 1, 2024

Written By: Jenny Galeano Gamboa

May 1, 2024

STOCK MARKET

Dow Jones ended at $37,903.29 (+0.23%)

S&P 500 ended at $5,018.39 (-0.34%)

Nasdaq Composite ended at $15,605.48 (-0.33%)

The stock market began the month with mixed performances as the Dow Jones Industrial Average closed higher after Federal Reserve Chair Jerome Powell ruled out a potential rate hike, easing concerns about inflation. The central bank’s decision to keep rates steady and the announcement of slowing down quantitative tightening helped alleviate some investor fears, leading to some gains in the market. However, despite this, the broader market was lower, with losses from chipmakers dragging down the S&P 500 and the Nasdaq Composite.

CRYPTO MARKET

Bitcoin fell by 4.58% for the day, with a value of $57,057.86 as of 3:00 PM CST, as stated by Coin Metrics.

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