Weekly review: market steps back from the abyss

Weekly review: market steps back from the abyss

WEEKLY MARKET REPORT After a terrible week the ASX 200 took a step away from the abyss with a strong rally to end the week and push the index well above the key 7000-point barrier.

In a strong rise of 1.9%, all sectors were up, all rising at least 1% except for the defensive consumer staples sector, but the hard-hit technology sector staged a dramatic 7% turnaround.

That boosted the ASX 200 by 134.07 points for a close of 7075.10 points, although even that dramatic recovery was not enough to prevent a fourth consecutive week of losses, with the index down 1.8% for the week and 6.1% since turning down. Market jumps back well above 7000 mark

Still, it could have been much worse with the market down as much as 9% at its worst.The rise followed comments from US Federal Reserve chairman Jerome Powell that played down chances of faster […]

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