This week was no exception to the tumult of the last few months. On Tuesday, as investors cheered yet another U.S. Federal Reserve Board credit rate cut, the tech-heavy Nasdaq jumped 91.25 points to close at 2209.96, its largest point gain since 2002. The market sank Wednesday as some investors cashed in on their gains, and then shot back up Thursday as the Philadelphia Reserve Board reported that manufacturing activity looks stronger in March than in did last month.
Even though the Nasdaq ended up closing at 2258.11 Thursday, up by 2.1 percent on the last day before markets closed for the Easter long weekend, more turmoil is expected. The latest consumer spending survey from ChangeWave Research this week shows the largest decline the poll has seen in U.S. consumer retail spending on electronics since 2002.
ChangeWave reported that 33 percent of those polled said they would spend less over the next 90 days on items such as iPods, digital cameras and video game consoles.