Tech Overshadows Iraq as Stock Market Heads Higher

The New York Stock Exchange ended slightly higher Friday after two sessions of decline, the increase in technology stocks have overshadowed concerns about Iraq, but Wall Street is in the red throughout the week.

The Dow Jones 30 blue chip stocks on the side won 41.55 points, or 0.25%, to 16,775.74. The Standard & Poor’s-500, wider and main reference many investors took 6.05 point (0.31%) to 1,936.16 and the Nasdaq Composite, technology-intensive, rose 13.02 Points (+0.3%) to 4310.65.

Throughout the week, the Dow dropped 0.88%, the S & P 500 0.68% and the Nasdaq 0.25%. This is the first negative performance in four weeks for the S & P.

On Friday, the bull market has been limited by the prudence imposed by the escalating violence in Iraq, which had among other things the effect of bump the price of oil to its highest level since September. The S & P energy index took 1% on the day.

Analysts fear that prolonged high commodity prices period eventually weigh on economic growth.

U.S. President Barack Obama said he needed several days to determine the reaction of the United States to the success of the jihadists of the Islamic State in Iraq and the Levant (EIIL) on Iraqi territory.

However, he ruled out sending ground troops and clearly implied that intervention of the United States could not take place in cooperation with the leaders of Baghdad.

“The situation in Iraq is part of geopolitical tension mounted that have a short term impact on the market. It will continue to promote the volatility in the oil market but I do not think it spreads so much to share,” commented Randy Frederick, director of trading and derivatives at Charles Schwab.

The VIX volatility index fell 4.38% on the day but shows an increase of nearly 12% since Monday, although it remains below its long-term average.

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Pete Southern

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