The rally in stocks continued today. Although the market sold off after the Federal Reserve’s decision to leave interest rates unchanged, it held on to decent gains for the day. The NASDAQ was able to hold above its December 2002 high of 1521. It closed at its best level since June 2002. The big question is will the afternoon selling continue tomorrow. Cisco reported earnings after the close. The reaction to what they have to say in their conference call may decide the direction of the market tomorrow.
Points of interest:
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The NASDAQ set another 2003 volume record today. This was the first > 2 Billion share day since November.
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The NASDAQ and S&P 500 both closed at new 2003 highs.
