July 18, 2008
Based on only the strong performance on Wednesday and Thursday of this week, the NASDAQ and the S&P500 finally posted their first positive week since falling for six weeks in a row. The DJIA also gained this week, after losing ground in the previous seven weeks.
Fridays NASDAQ performance resulted in a -1.28 percent loss; yet this index is still above its trough in the spring of this year. The DJIA and the S&P500, however, have not recovered to the lows posted then.
As for todays trading, both the DJIA and the S&P500 moved slightly higher; this was their third successive positive day. The NASDAQ, on the other hand, declined substantially, losing some -1.28 percent, and reversing the upticks in the previous three days.
This was the third time such a combination of patterns -three positive closes for the DJIA and the S&P500, and a decline for the NASDAQ- occurred this year. It is only the 11th time in this century and the 46th occurrence since 1950.
DJIA .44 percent
NASDAQ -1.28 percent
S&P500 .03 percent