Dhaka, Bangladesh (BBN)- U.S. stocks continued to reach new highs over the week despite profit taking by investors on Wednesday but a last-minute rise in Bank of America helped lift the Dow to its eighth straight day of gains.
Over the week, the Dow Jones industrial average gained 197.92 points or 1.64 percent. Investors remain confident that solid corporate earnings will inspire further advances, but a recent string of lightly traded sessions raises worries that buying interest at these levels has dried up, according to reports.
Asian stocks fell, dragging a benchmark regional index lower for a third day this week, on concern U.S. unemployment and efforts by emerging countries to tame inflation will hamper a global economic recovery.
Similarly, European stocks declined for a third day amid growing concern that accelerating global inflation will lead to higher borrowing costs.
However, over the week Japan’s Nikkei average gained over 200 points hitting new nine month peak on Wednesday around 10,700 but failed to sustain as investors kept taking profits on a recent rise in share prices and amid wariness about overheating in the market and eventually closed at 10,605.65 on Thursday.
BBN/SI/AD-11Feb11-8:48 pm (BST)
