Monday saw a bad start to the week for US markets with the Dow Jones Industrial average falling 1% to a low point, not seen in almost two months. The Nasdaq 100's performance for the day was nothing to write home about, staying at virtually the same level all day and closing slightly lower. Investors were given mixed messages from earnings news, leading to the day's results.
Tuesday's trading was the complete opposite of Monday with earnings news giving investors a confidence boost. By close of play the Dow Jones had risen over 2% and the Nasdaq 100 by almost 4.5%. The Consumer Price Index data released was positive but did not quite reach the levels expected. Conversely, the March Industrial Production figures rose more than expected.
Wednesday saw comments from Alan Greenspan, Chairman of the Federal Reserve, that he was in no rush to put interest rates up, even though the economy had picked up slightly. His comments did not seem to boost investor confidence. By close of play, the Dow Jones and Nasdaq 100 had fall by almost 1%. The Dow Jones was helped downwards by a dive in Boeing's share price. The Nasdaq's fall was accredited to the technology sector.
Thursday saw renewed fears of more terrorist attacks, after a plane hit a skyscraper in Italy. The markets reacted quickly and fell. However, once news was released that the crash was an accident, the markets moved higher. By close of play the Dow Jones had only fallen slightly, whereas the Nasdaq 100 was down by almost 1%.
Friday saw gains for the Dow Jones but losses for the Nasdaq 100. The gains came on the back of positive earnings comments from blue chip companies such as Microsoft and American Express. There was no economic data released and investors still seemed to be digesting the mixed bag of news that had arrived.