Nasdaq on particularly long uptick
TEXT OF STORY
Steve Chiotakis: And it was the 11th positive day in a row for the Nasdaq.
It’s longest consecutive rise in 13 years. Why the win streak for the Nasdaq? Here’s Marketplace’s Amy Scott.
Amy Scott: The Nasdaq is heavy on technology stocks. The index has been buoyed lately by companies like Apple and Intel that have posted solid earnings this quarter.
David Morrison is market strategist at GFT in London:
David Morrison: If we’re looking at the broader market, the results coming out in the second quarter are not particularly good, but I think the technology sector is holding up a lot better.
Morrison says worries about increasing unemployment are weighing on the broader stock market.
Morrison: The flip side of this is the view amongst traders and investors that companies will carry on, or maybe even increase their investments in the technology sector as they update their systems to become more efficient.
In other words, even companies cut staff, they still have to be productive.
Morrison says there’s nothing all that significant about an 11-day winning streak other than it doesn’t happen very often. The last time for the Nasdaq was 1996.
In New York, I’m Amy Scott for Marketplace.
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