Here is Why Stock Market Bulls and Bears are Set for an Epic Battle
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The stock market had a strong week with the major U.S. indexes closing higher. General Electric (NYSE:GE) closed the week achieving a new 52-week high of $23.90 on Friday.
The Dow Jones Industrial Average (NYSEARCA:DIA) notched yet another record close with a gain of 0.47% on Friday. The S&P 500 (NYSEARCA:SPY) gained 0.45%, the Nasdaq 100 (NYSEARCA:QQQ) climbed 0.17% and the Russell 2000 (NYSEARCA:IWM) jumped 0.85%.
Friday’s unemployment report was positive with a decline in overall unemployment to 7.7% while the Federal Reserve Beige book report showed moderate economic growth. ISM services sector came in at 56, signifying expansion, while the February Non Farm Payrolls report showed the economy adding 236,000 jobs, a vast improvement over January’s 119,000 and soundly beating expectations.
However, all the news wasn’t positive as U.S. productivity fell in the fourth quarter and a deeper recession in Europe is now expected. Italy was downgraded to BBB+ by Fitch ratings agency, January factory orders declined and household debt rose 2.4% in Q4…