Monday saw both the Dow Jones Industrial Average and Nasdaq 100 indices fall, still reeling from the WorldCom scandal. Whilst the Dow Jones had remained around its starting level for most of the day, coming into the home stretch it fell and closed down by just short of 1.5%. The Nasdaq 100 was hit much harder on the back of regulatory problems in the technology sector. By close of play the Nasdaq 100 had fallen by 5.1%.
Tuesday was another day in the doldrums for US markets. Profit warnings and cuts in projected earnings were rife and the news affected both the Dow Jones and the Nasdaq 100. The day's trading was up and down and by the close the Dow Jones managed a fall of 1%. The Nasdaq 100 again fared worse, falling by 3.5%.
Wednesday saw trading quiet in the US, ahead of tomorrow's independence day celebrations. However, most of the day's trade was more positive. Despite some dips into the red, the Dow Jones managed a gain of 0.5% and the Nasdaq 100 managed 1%. After a time of weakness against the Japanese Yen, the Dollar rebounded today, leaving the Yen weaker.
Thursday saw US markets closed for the July 4 holidays.
Friday saw US markets resume trade for a short day. The holiday must have given investors confidence because the Dow Jones managed a massive close, up by over 3.5%. The gains were despite the slight rise in unemployment. The Nasdaq 100 overtook the Dow Jones at pace and managed to close up around 5%.
Not bad to end the week on.