Earlier, we looked at what the current “dead cat bounce” meant for the Dow Jones Industrial stock index, but with a strong late Friday rally, Nasdaq Index returns have been even more impressive.
Up nearly 75% since the March 10th trough, the tech laden index spiked up another 1.5% on Friday, to close up almost 950 points since its late winter low…
(click to enlarge chart)
Source: Google Finance
Earlier in the week the Philly Fed factory survey registered activity at a 4-1/2 year high. Activity accelerated rapidly in the U.S. Mid-Atlantic region in December the survey showed. “This will mitigate concerns that the factory sector might be slowing,” said Tony Crescenzi at PIMCO.