People expecting the stock markets to tumble down were in for a surprise as Dow Jones, NASDAQ and S&P 500 all closed at the highest level in the last 19 months. These figures were boosted by healthy demand for new homes, as per reports and a better earnings data from American Express.
All the indices posted better than expected figures and the overall sentiment in the market remains bullish. Dow Jones index is continuing to go up for the last eight consecutive weeks and this is the longest since January 2004 that the index is going up. Even S&P 500 has posted better numbers and stayed positive in the last seven out of eight weeks.
Even Nasdaq closed at 22-month high levels which added to the overall strong sentiment. The markets have continued to stay bullish despite various reports suggesting that a correction is possible in the coming days.
The markets may have been boosted by reports coming from Greece that Greek Prime Minister requested a $53 billion grant from European Union and International Monetary Fund. These were after EU and IMF assured that they will help the country tide over the current economic crisis.
European markets also reported positive numbers and Britain FTSE 100, Germany’s DAX and French CAC-40 all reported gains. Japan’s Nikkei fell marginally by 0.3%.
