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Dow Jones Ends Up For 8th Straight Week With US Dollar Also Higher

By Daily Markets on | More Posts By | Stock Market Blog

DailyMarkets.com (New York) – Despite talk of a possible stock market pull back after the SEC charged Goldman Sachs (NYSE:GS) with fraud last week, the Dow Jones (^DJI) finished up for the 8th straight week. This is the longest set of weekly gains for the Dow since January 2004, over 6 years ago. The Dow ended the week up 1.7%, the Nasdaq finished 2% higher for the week, and the S&P 500 (^GSPC) was up 2.1% for the week after dipping down last week.

This upward momentum in US stock markets came from a combination of good earnings from the likes of Apple (NASDAQ:AAPL), Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS), as well as positive economic reports. According to the Commerce Department, new home sales rose 27% in March, the biggest monthly gain in 47 years. Existing home sales also rose, giving investors hope that the worst is behind us.

In forex trading, the US Dollar benefited from the overall US optimism, having its first weekly gain against the Japanese Yen in 3 weeks. The Euro continued to suffer from the crisis in Greece, and the worries of the economic effects that grounding most European flights would have on the airlines and the economy. With Greece now asking for a bailout from the IMF and EU we can look for more turbulence in the Eurozone this coming week.

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