STOCK MARKET

Dow Jones ended at $42,025.19 (+1.26%)

S&P 500 ended at $5,713.64 (+1.70%)

Nasdaq Composite ended at $18,013.98 (+2.51%)

The stock market witnessed significant gains across all major indexes, with the Dow Jones Industrial Average and S&P 500 reaching new all-time highs, a day after the Federal Reserve slashed interest rates by half a percentage point. Traders responded positively to the Fed’s decision, as it signaled a soft landing for the economy. The market also received validation as weekly jobless claims fell below estimates, boosting investor confidence. Furthermore, the Nasdaq Composite also joined the upward trend, increasing by over 2% as tech stocks, leveraged to lower rates, saw a surge in prices, with companies like Nvidia, AMD, Micron Technology, Meta Platforms, and Alphabet all experiencing gains. Moreover, stocks tied to lower rates stimulating the economy, such as JPMorgan Chase, Caterpillar, and Home Depot, also saw increases in their stock prices. Overall, although the Fed’s rate cut, which is the first in four years, was met with some criticism from investors who felt it was too small, the market responded positively to the news, with many companies expected to benefit from looser monetary policy conditions.

CRYPTO MARKET

Bitcoin rose by 4.91% for the day, with a value of $63,256.38 as of 3:00 PM CST, as stated by Coin Metrics.