Friday saw little movement in stocks after four months of increases. The tech-heavy Nasdaq Composite closed at a record high for the first time since November 2021.
Following the announcement of a change in leadership and the discovery of internal control flaws, the stock value of New York Community Bancorp fell by a significant 25%. The struggling regional bank is still having difficulties, with its shares already down more than 50% in 2024.
The market as a whole saw another successful month despite difficulties in the banking industry, thanks to advancements in artificial intelligence and rising expectations for rate decreases. The Nasdaq led the way in February, rising 6.1%, followed by gains of 5.2% for the S&P 500 and 2.2% for the Dow, which signalled the start of the Dow’s first four-month winning run since May 2021.
Source (CNBC)
