Monday was up, up and away for US markets, following technology stocks in favour. The Dow Jones Industrial Average managed a whopping 1.7% gain and the Nasdaq 100 stormed up almost 4.5%. Telecommunication and airline stocks also had a good day and helped the gains along.
Tuesday brought good news on the economic data front, helping the US markets upwards. The closing level for the Dow Jones Industrial Average was the best in four weeks and the Nasdaq closed at its best level in three weeks. April's data on retail sales almost doubled expectations. Sales were up by 1.2%, as opposed to the 0.7% expected. There was also good news on the corporate earnings front with at least one company being upgraded and another releasing better than expected profits. By close of play the Dow Jones was up by almost 2% and the Nasdaq 100 up by a massive 5.2%.
Wednesday saw both the Dow Jones and Nasdaq 100 move higher for the third day this week. However, following bad news from Hewlett Packard, the Dow Jones declined, leaving only the Nasdaq with gains for the day. By close of play the Dow Jones fell back by 0.5% but the Nasdaq 100 was up again by just short of 0.5%. Good news on the consumer confidence front. The index moved ahead more than had been expected. Industrial production rose at the expected level.
Thursday saw nothing stop the Nasdaq 100. It managed four days of increases, ending with a gain short of 0.5%. The Dow Jones Industrial Average also made gains of almost 0.5%. There was a mixed bag of data released with new housing figures falling more than expected. The Philadelphia business index also fell against the April figures but the new orders index showed prices paid were higher. Unemployment claims were up for the week but down for the month.
Friday was the icing on the cake for the Nasdaq, achieving a complete week of gains and up another almost 1% for the day. The Dow Jones Industrial Average also managed a gain which ended just over 0.5%. Consumer sentiment figures were released today and indications for early May show an increase. Analysts feel that the level of increase is positive, especially after a bad run for the Nasdaq. Indications for unemployment were also positive with expectations of the numbers of unemployed falling to below 5.5% in the autumn.