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Stock Markets
Nasdaq: Uptrend may persist
B. Krishnakumar
AS anticipated in earlier weeks, the Nasdaq Composite has managed to move to the target zone of 1475-1500. The index now appears to be headed towards the 1650-1700 range.
Though the index is unlikely to move towards this range in a hurry, a slow and laboured progress towards this range appears to be on the cards.
The market sentiment was distinctly bullish during the week gone by. The flow of improved performance from the corporate sector buoyed market sentiment.
The flow of encouraging news on the economic front also helped the cause.
After some mid-week weakness, the benchmark indices staged a sharp rally on Friday. AS a result, all the three key market indices managed to record weekly gains.
The S&P 500 and Nasdaq Composite Index recorded their third consective weekly gain.
For the week, the Nasdaq Composite Index logged a gain of 4.8 per cent to close above the psychological 1500 level. The broad-based S&P 500 increased by 3.5 per cent for the week while the Dow Jones Industrial Average registered a 3.3 per cent rise to end the week at 8582.68.
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