Strong job report boosted stock prices Friday to save the otherwise down warded week. The economy added 235,000 jobs in February and making rate hike from the FED a certainty next week. For the week, S&P 500 index closed at 2372, down 0.44%, Dow Jones Industrial Average lost 0.498% while technology laden NASDAQ composite index decreased 0.15%.
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| Weekly chart of S&P 500 index |
After six weeks of consecutive advanced, S&P gave out the first decline as investors digest the recent gain. The index is still way above its moving average with high momentum, and we expect a flat consolidation phase in the next few weeks.
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