US MARKETS END HIGHER LED BY ENERGY, MATERIALS SHARES
Date : 24.03.2012
Stocks rose in light volume on Friday, buoyed by rising energy and basic materials shares, as the S&P 500 kept showing resilience even as it posted its second negative week so far this year. www.goldennifty.com
The benchmark S&P 500 slipped 0.5% for the week. In an indication of the rally's strength and consistency, that was the S&P's worst performance since the last week of December. In its only other down week in 2012, the index dipped 0.17%. www.goldennifty.com
The market edged lower in early trading, but downward momentum faded despite widespread expectations for a correction after a rally that set the S&P 500 up for its best back-to-back quarters since 2009. www.goldennifty.com
The S&P 500 is still near its highest since May 2008.
"There's many people thinking a correction is coming, but some technical indicators suggest more a pause than a correction at this point," said Todd Salamone, director of research at Schaeffer's Investment Research in Cincinnati. www.goldennifty.com
The S&P 500 found strong support at its 14-day moving average, near 1,386, from where it bounced back to post gains for the day. Holding that level "speaks to the power of the uptrend, it proves the momentum is still in place. www.goldennifty.com
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