Financial Daily from THE HINDU group of publications
Sunday, Apr 06, 2003
Financial Daily from THE HINDU group of publications Sunday, Apr 06, 2003 |
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Investment World
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Stock Markets Markets - Commentary US markets: Positive outlook B. Krishnakumar
THE American market sentiment was influenced to a major extent by the developments in Iraq. The progress made by the coalition troops in Iraq had a positive impact on the overall market mood. After a drop on Monday, the benchmark American indices staged a recovery in the remaining days of the week. Stocks from the airline and energy sector managed to stage some sort of recovery during the week. Helped by the inroads made by the American and British troops into major cities in Iraq, the key market indices managed to record weekly gains after three consecutive weeks of decline. For the week, the Dow Jones Industrial Average recorded a 1.6 per cent rise while the S&P 500 went up by 1.8 per cent. The tech-heavy Nasdaq Composite Index ended the week with a net gain of one per cent. Technically, the near-term outlook for Nasdaq Composite appears positive. A move towards the 1475-1500 range appears likely. A move past 1430 would be an early indicator of a further rise, while a drop below 1330 would have negative implications. At the moment, a move towards 1475 is the preferred view.
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