Thursday, 1 November 2012
FKLI Related News
NEW YORK, Nov 1 (Reuters) - U.S. stocks jumped on Thursday after encouraging data in the labor market, consumer confidence and manufacturing, an improvement in the economic outlook that led investors to move away from the safe-haven dollar and government debt.
U.S. companies added jobs in October at the fastest pace in eight months, a sign of modest healing in the labor market, while consumer confidence climbed to a more than four-year high in October and growth in U.S. manufacturing picked up modestly. The Dow and Nasdaq rose more than 1 percent while the broad S&P 500 advanced almost as much. Major stock indexes in Europe also extended gains to also rise about 1 percent after the release of U.S. data. "Investors took some comfort from the mostly encouraging U.S. jobs reports that suggest that Friday's nonfarm payrolls has a smaller chance of disappointing," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Risk appetite has found some footing."
The Dow Jones industrial average .DJI was up 138.11 points, or 1.05 percent, at 13,234.57. The Standard & Poor's 500 Index .SPX was up 12.44 points, or 0.88 percent, at 1,424.60. The Nasdaq Composite Index .IXIC rose 1.15 percent, or 34.37 points, to 3,011.6. In Europe, the FTSE Eurofirst .FTEU3 index of top European shares was up 1.0 percent at 1,107.55. U.S. Treasuries prices slipped slightly from already modestly lower levels following the data releases, while the euro rose against the dollar. The euro EUR= was up 0.11 percent at $1.2972.
Brent crude oil futures fell to $108 a barrel as investors analyzed the aftermath of super storm Sandy. The destruction wrought by the storm affected millions of people across the eastern United States and could dampen fuel demand just as the world's largest economy was showing signs of recovery, analysts said. "Many refineries are still out or with low runs so a build in crude oil inventories is expected next week and a draw on diesel, heating oil with gasoline moving sideways because no cars are moving," said Michael Poulsen, oil analyst at Global Risk Management in Copenhagen. Brent crude futures slipped 33 cents to $108.37 a barrel, whle U.S. crude future rose 16 cents to $86.40 a barrel.
FBM KLCI ended 2.62 points higher to 1,675.69 while index futures for Nov contract was traded 1.50 points lower 1,672 level. Today’s Support and Resistance for Nov contract is likely located around 1,668 and 1,678 respectively.