NASDAQ hit all time high in 9 months as the stock market closed on Friday. The week turned out to be full of surprises as it ended on a slight high. The reports suggest that the major announcements made this week is the reason why NASDAQ moved up to such heights this week. A few market analysts were not anticipating such growth.
The initial good phase started with Greece agreeing to a new framework, which would work for a loan program with its creditors. It was earlier this month that the drop in China’s stock market had put down a few investors. But with the reports of various companies from the United States, stating the strong earnings during this quarter changed things around a bit.
The index rose for the Standard and Poor by 2.35 points as it stood at 2126.64 when the market closed. The NASDAQ on the other hand, rose by 46.96 points as the day ended for them at 5210.14, which is in fact the highest it has gone during a period of nine months.
The company that seems to have had benefitted the most is Google Inc. (NASDAQ:GOOG). The search engine giant’s stocks rose by 16%, ending at $699.62. The company has reported heavy profits and increased sales as they exceeded the forecast. In the recent past, Google has not been able to live up to its own forecast.
The analysts are slightly skeptical about the persistence of the rise, as we will have to wait till Monday to realize the effect. The market will be expected to grow if the profits continue from the major United States Based firms.