NASDAQ (Photo : Reuters)
The stock prices of United States stocks rebounded sharply this Friday which propelled the tech-heavy index Nasdaq Composite to the levels of 5026.42, NYC News reported.
Closing on this 15 year high, the index was 0.4 percent shy of its all-time high achieved on March 10, 2000 at 5048. The index however did touch 5042 during the trading session and was reminiscent of the index's time before the dot com bubble burst, Wired reported.
The boost was seen owing to 209 stocks achieving their 52 week highs. This however, was after three weeks of volatility in the markets owing to speculation about the Federal Reserve's decision to increase interest rates, the first hike in interest rates since 2006.
Increase in stock prices was noted for Nike which reported numbers that were better than expected. The increase in stock prices was also seen in KB Home stock which leaped 8.4 percent owing to the company's 29 percent rise in revenue and also Biogen Idec which announced a successful and positive outcome for its experimental Alzheimer's disease treatment.
Jewellery maker Tiffany & Co stocks reduced to $83.93 a decline of 4 percent owing to the reduction of its yearly profit forecast and also due to a decrease in quarterly sales, a first since the past five years.
The main reason for this push was seen as the Central banks initiative to not increase the rates immediately and the dovish stance of the reserve. The fed removed the word "patient" from its policy but also downgraded its growth and inflation forecasts unexpectedly indicating the economy still had issues.
The gains in the dollar have however prompted worries about the impact on revenues of US multinational companies as the U.S. products would be competitively priced in the overseas markets.
Volume of trades remained high on the index with 9.2 billion shares trading against the daily average of 6.6 billion shares.
