Financial Daily from THE HINDU group of publications
Sunday, Apr 20, 2003
Financial Daily from THE HINDU group of publications Sunday, Apr 20, 2003 |
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Markets
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Stock Markets Nasdaq: Positive outlook B. Krishnakumar
TRADING was curtailed to four days owing to holiday on account of Good Friday. The American stock market sentiment remained strong during the week. The focus has now shifted from developments in Iraq to the corporate sector related events. The announcement of encouraging financial performance and the flow of positive economic data lifted market sentiment during the week. As a result, the benchmark indices posted weekly gains. The Dow Jones Industrial Average recorded a 1.6 per cent rise while the broad-based S&P 500 index posted a 2.9 per cent advance while the tech laden Nasdaq Composite Index managed to record a 4.9 per cent for the week. As anticipated in earlier weeks, the Nasdaq Composite has ruled firm. The overall outlook for the index appears positive. A move towards the target zone of 1475-1500 appears to be on the cards. As of now, only a drop below 1370 would negate the short-term bullish outlook for the Nasdaq Composite Index. On the contrary, a move past 1435 would confirm positive outlook for the index.
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