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MARKET RECAP – MAY 24, 2024

Written By: Jenny Galeano Gamboa

May 24, 2024

STOCK MARKET

Dow Jones ended at $39,059.69 (+0.01%)

S&P 500 ended at $5,304.72 (+0.70%)

Nasdaq Composite ended at $16,920.79 (+1.10%)

The stock market ended the week with gains across all major indexes, driven by the Nasdaq Composite closing at a record high due to gains in chipmaker Nvidia and enthusiasm surrounding the AI trade. Moreover, despite concerns that the Federal Reserve may delay interest rate cuts, strong economic and labor data releases this week boosted investor confidence. As a result, the Dow Jones Industrial Average and the S&P 500 also joined the upward trend. Furthermore, tech stocks, including Advanced Micro Devices, Intel, Meta, and Netflix, also saw gains, contributing to the overall positive market performance. Traders are now pricing in a lower chance of a rate cut at the Fed’s September meeting, reflecting improving inflation rates.

CRYPTO MARKET

Bitcoin rose by 2.80% for the day, with a value of $69,191.95 as of 3:00 PM CST, as stated by Coin Metrics.

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