Tuesday, 16 October 2012
FKLI Related News
NEW YORK (Reuters) - Stocks climbed on Monday, rebounding from last week's losses after Citigroup's earnings and retail sales sharply exceeded expectations. Citigroup Inc (NYS:C) shares shot up 5.5 percent to $36.66 and gave the biggest lift to the S&P 500 after the third-largest U.S. bank reported quarterly adjusted earnings that surged from the year-ago quarter and beat expectations. The growth came as mortgage lending increased and capital markets results rebounded.
Worries about third-quarter U.S. earnings have put a damper on stocks in recent weeks, with the S&P 500 falling 2.2 percent last week - its worst weekly performance in four months. But the S&P 500 is still up 14.5 percent for the year. The Dow Jones industrial average (^DJI) rose 95.38 points, or 0.72 percent, to 13,424.23 at the close. The Standard & Poor's 500 Index (^GSPC) gained 11.54 points, or 0.81 percent, to finish at 1,440.13. The Nasdaq Composite Index (^IXIC) advanced 20.07 points, or 0.66 percent, to close at 3,064.18. In other economic data, a survey showed that an index of manufacturing activity in New York state shrank for the third month in a row in October.
Investors remained cautious about Europe, waiting for signs that Spain was ready to formally request a bailout, which is seen as necessary to deal with its debt crisis. The yield on the Greek 10-year bond fell to 17.58 percent, the least since the nation restructured its debt in March, after German Finance Minister Wolfgang Schaeuble ruled out a sovereign default. The cash-strapped country and international inspectors are seeking agreement on deficit-reduction measures before an Oct. 18 European Union leaders’ summit. The euro was little changed at $1.2955, while the Spanish 10-year bond yield rose 19 basis points to 5.81 percent.
China’s inflation was close to the slowest pace in two years in September, giving the government room to ease policies should the economy deteriorate. Consumer prices rose 1.9 percent from a year earlier while the producer-price index dropped 3.6 percent, the National Bureau of Statistics said.
Oil for November delivery declined 0.2 percent to $91.68 a barrel in New York. Prices touched $89.79, the lowest level since Oct. 9. Gold futures for December delivery tumbled 1.3 percent to $1,737.60 an ounce, the biggest drop for a most- active contract since July 6.
Malaysia’s index futures spot month contract opened slightly higher this morning tracking gains on Wall Street following upbeat retail sales data. Today’s Support and Resistance is located around 1,645 and 1,660 respectively.