Local bourse may enjoy 'Thanksgiving rally'
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THIS week, "revenge rebound" or a "Thanksgiving rally" could materialise in the local bourse after the key Straits Times Index lost 1.1 per cent over the previous week as the earnings season wound down - that is, if this year's persistent trend of a correction followed by a bullish trend is anything to go by.
That could however be challenged by Wall Street's outing last Friday with US key stock indices - Dow Jones Industrial Average and the S&P 500 - having slipped and, with that, logging their second straight week of declines after a marathon two-month long stretch of gains fuelled by corporate earnings and upbeat macro data.
The Dow fell 0.4 per cent and the S&P 500 fell 0.3 per cent while the Nasdaq Composite retreated 0.2 per cent last Friday.
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