US stock markets continued to close in the red at the end of last week (04/03); led by Nasdaq which fell 1.66%. The escalation of the Ukrainian conflict, which was marked by attacks on nuclear plants, prompted investors to get out of risky assets. Meanwhile, US employment data showed 678 thousand new jobs in February; much better than the estimated 400 thousand.
JCI ended the short week with a 0.87% gain to 6,928; supported by significant strengthening in the energy sector. The development of geopolitical tensions between Ukraine – Russia as well as global commodity prices, will remain the main catalyst for market movements. Technically, the benchmark index has a chance to move higher again in the range 6900 – 7,000.
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