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 […]
- Do contribute something to the discussion
- Do post factual information, analysis and your view on company valuations
- Do disclose if you have an interest in a security
- Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
- Do not complain about a post unless you have reported it first, and not on the forum.
- Do not post financial advice
- Do not advertise or post sponsored content