Federal Reserve raised short term interest by a quarter point (0.25%) casting confidence in the economic growth. Encouraged by Fed's stance, stocks rallied after the rate hike. For the week, S&P 500 index closed at 2378, up 0.24%, Dow Jones Industrial Average gained 0.06% while technology laden NASDAQ composite index increased 0.67%.
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| Weekly chart of S&P 500 index |
In the weekly chart, S&P 500 index stalled for the second week. It is in a holding pattern waiting for the 28-week moving average to catch up. On the sectors front, we have seen surge in technology and bio-tech sectors while banking sector faded a bit. As the general market is in a holding pattern, we expect the market leadership rotation will continue for another few weeks.
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