Dow Jones rises by 1%

The Dow Jones Industrial average ended last week on a positive note, rising by 183 basis points or one per cent on Friday.

The gains followed a 195 basis points drop the previous day.

The Associated Press reported that stocks closed higher on the first day of May, erasing much of a loss from the day before.

Expedia jumped eight per cent on Friday after the online travel company reported sales that beat analysts’ estimates. LinkedIn plunged 19 percent after releasing a disappointing forecast.

The Standard & Poor’s 500 Index rose 22 points, or 1.1 percent, to 2,108, while The Nasdaq composite rose 63 points, or 1.3 percent, to 5,005.

Most Asian and European markets were, however, closed for a holiday on Friday.

Oil slipped 48 cents, or 0.8 percent, to $59.15 a barrel. It soared by 20 percent in April.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.11 percent.

The Nasdaq composite had a positive week, reaching record territory at midweek.

On Wednesday, the AP had reported that technology stocks were trading at levels not seen since 2000 and that it might trigger some bad memories as the last time the index reached a record high it quickly plummeted in what became known as at the dot-com crash.

It, however, reported that this time, the Nasdaq composite index was very different from what it was in 2000, financial advisers said.

Source : Punch

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