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MARKET RECAP – MAY 6, 2024

STOCK MARKET

Dow Jones ended at $38,852.27 (+0.46%)

S&P 500 ended at $5,180.74 (+1.03%)

Nasdaq Composite ended at $16,349.25 (+1.19%)

The stock market began the week with gains across all major indexes due to traders lifting Federal Reserve rate cut expectations. The market reacted positively to Fed Chair Jerome Powell’s statement ruling out a rate hike as the central bank’s next move. Moreover, an announcement from Hamas accepting a cease-fire proposal with Israel also gave stocks a boost. Consequently, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all increased, with the last two indexes increasing by over 1% as investors were encouraged by strong earnings reports from companies like Berkshire Hathaway and upgrades from analysts for stocks like Micron.

CRYPTO MARKET

Bitcoin fell by 1.12% for the day, with a value of $63,202.89 as of 3:00 PM CST, as stated by Coin Metrics.

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