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 […]

Click here to view original web page at smallcaps.com.au

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.