Wednesday, 19 September 2012
FKLI Related News
NEW YORK, Sept 19 (Reuters) - U.S. stocks rose on Wednesday as investors dipped back into the market after the recent pullback from a rally that lifted the S&P 500 to just shy of five-year highs.
Housing stocks were among the day's leaders following stronger-than-expected data on home sales. The pace of U.S. home resales rose 7.8 percent in August, the fastest in more than two years. Housing starts also climbed, a hopeful sign that a budding housing market recovery is gaining traction.
"The recent pullback in prices was all about healthy profit-taking after the big rally we had last week," said Neil Massa, senior U.S. trader at MFC Global Investment Management, in Boston. "Now people are buying."
The Dow Jones industrial average rose 13.32 points, or 0.10 percent, to end at 13,577.96. The Standard & Poor's 500 Index added 1.73 points, or 0.12 percent, to finish at 1,461.05. The Nasdaq Composite Index gained 4.82 points, or 0.15 percent, to close at 3,182.62.
Last week, the S&P 500 reached its highest closing levels since December 2007 following a decision by the U.S. Federal Reserve to launch a new round of economic stimulus. The market pulled back or ended flat for two days, causing some investors to get back into stocks that had lost ground.
Malaysian shares are expected to rise slightly tracking mild gains on Wall Street Wednesday, following positive U.S. housing data. Todays Support and Resistance for FKLI is located around 1630 and 1650 respectively.