Dow Jones Industrial Average Climbs After Strong US Economic Data
There was a general downwards trend in the Dow Jones Industrial Average last week. After opening on Monday at 17,254.50 it fell to 17,055.87 on Tuesday before jumping back to 17,219.50. However, it then fell as low as 16,954.80 before closing the week at 17,113.15.
The end of week rise was mainly due to data which showed that the US economy grew at its fastest rate in 2.5 years in the second quarter of this year. The data boosted expectations that the Federal Reserve will raise interest rates earlier in 2015 than previously thought.
Leading companies on the Dow Jones included Nike Inc., Cisco Systems and American Express Company. With more strong data expected from the US in the coming weeks, and the dollar gaining in strength, the Dow Jones should continue to climb in the coming days.