Stocks continued their upward march for the second week. S&P 500 index closed at 1841, up 1.27%, Dow Jones Industrial Average gained 1.59%, and Nasdaq composite increased 1.26% for the week.
With low interest rate and slow economy growth, stocks have performed very well. For the year, S&P 500 index went up about 29%, Dow Jones Industrial Average gained about 26% and Nasdaq composite index increased about 38%. As seen in the weekly chart below, the S&P 500 index has been trending up since the beginning of the year. It experienced a few minor corrections and bounced off three times from its 28 week moving average in June, August, and October. In 2014, it is widely expected that US economy will continue to improve while Federal Reserve will end its QE program and interest rate will rise a bit. From the chart, we can expect the uptrend to continue for another few weeks into next year. We hope 2014 is as strong as 2013 for stock markets. Wish you a festive holiday and happy New Year!
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Weekly Chart of S&P500 Index |
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