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B. Krishnakumar

EXCEPT for strong upward move on Monday, the price movement in American stock markets remained indecisive.

The improved financial performance reported by the corporate sector has imparted bullish undertone. The recovery in the share price of Cisco Systems was a noticeable development of the week. However, the stock markets edged lower on Friday despite the improvement in the consumer confidence index.

Despite the weakness on Friday, the benchmark indices managed to end the week on a firm note. The key indices have now recorded a fourth straight week of gains. The Dow Jones Industrial Average registered a 0.9 per cent rise for the week. The S&P 500 index gained 1.2 per cent and the tech-heavy Nasdaq Composite Index also managed to post a 1.2 per cent jump.

The movement in the Nasdaq composite Index was in line with last week's expectations. In sync with the bullish outlook, the index managed to move up and recorded weekly gains. Though the index could see a sideway correction, as mentioned in earlier weeks, the Nasdaq Composite appear to have the potential to touch the 1650-1700 range in the next few weeks.

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