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Nasdaq: Sentiment perks up
B. Krishnakumar
THE concerns pertaining to the US-led attack on Iraq dominated market proceedings on the first three days of the week. The companies from financial services and pharmaceutical sector ruled weak on the first two trading days.
Sentiment improved dramatically towards the close of the week on expectations that the war with Iraq may be delayed.
The US decision to extend diplomatic efforts to disarm Iraq imparted positive sentiment on Thursday. Aided by the strong up move on Thursday, the benchmark indices managed to record weekly gain after two successive weeks of decline.
The Dow Jones Industrial Average rose 1.6 per cent while the S&P 500 inched up by 0.5 per cent. The tech-heavy Nasdaq Composite Index ended the week with a net gain of 0.4 per cent.
The price movement last week does not provide a clear indication of the near term trend in the Nasdaq Composite Index. Going by the recent price action, a rally towards 1400-1450 range appears likely. The index could resume the downtrend after the completion of the expected short term rally.
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