Monday, 10 December 2012
FKLI Related News
NEW YORK—Stocks notched modest gains to start the week in what was the quietest market session in months for the blue chips. Technology stocks and McDonald's helped push the market higher, as Dow looked to extend its streak of daily advances to four. The Dow Jones Industrial Average rose for the fourth session in a row, up 14.75 points, or 0.1%, to close Monday at 13169.88.
Investors said that the market's direction remains tethered to debt talks in Washington. With no new signals, the Dow traded within a 56-point range, the narrowest daily move in nearly three months. "The market is in wait-and-see mode," said Wasif Latif, vice president of equity investments at USAA Investments. Investors "are waiting to see whatever deal comes out of Washington and then will react," Mr. Latif said.
The Standard & Poor's 500-stock index added 0.48 point, or less than 0.1%, to 1418.55. The Nasdaq Composite Index tacked on 8.92 points, or 0.3%, to 2986.96. McDonald's MCD +1.05%accounted for the largest piece of the Dow's price-weighted advance. The fast-food giant's November same-store sales ticked up more than expected and rebounded from a decline in October. Apple AAPL -0.64%fell after analysts at Jefferies trimmed their price view by $100 to $800, noting concerns about profit-margin pressure.
This week could prove pivotal as lawmakers try to engineer a deal that would avoid pending tax increases and spending cuts. On Monday, President Barack Obama urged Congress to extend tax cuts for the middle class in remarks at a Michigan factory, which did little to move the market. On Wednesday, the Federal Reserve's policy-setting committee concludes its final meeting of this year, and investors will look for confirmation that the central bank will extend some stimulus measures in the new year. But with the Dow riding a three-week streak of gains, closing Monday at a one-month high, investors appear "guardedly optimistic" about a favorable outcome from Washington, said Andrew Wilkinson, chief economic strategist at Miller Tabak Co.
European stocks mostly erased earlier declines after Italian Prime Minister Mario Monti said he intended to resign after the 2013 budget was approved. Mr. Monti was seen as key to putting that country on the path toward fiscal austerity. The Stoxx Europe 600 ended up 0.1%, closing at its highest level since May 2011, though Italian stocks ended deep in the red. Asian markets were mostly higher after China posted its highest industrial production numbers since March. Stocks trimmed gains on Asian exchanges, however, after a Monday reading on China's trade surplus showed both exports and imports grew less than forecast last month. China's Shanghai Composite rallied 1.1% to a one-month high. Japan's Nikkei Stock Average edged up 0.1%.
Front-month crude-oil futures for January delivery climbed 0.4% to settle at $85.56 a barrel, while December gold futures gained 0.5% to end the day at $1,713.00 a troy ounce. The dollar fell slightly against the euro and eased against the yen. The yield on benchmark 10-year U.S. Treasury bonds tipped lower to 1.616%, as demand rose. [The Wall Street Journal]
Stocks on Bursa Malaysia ended higher yesterday on positive sentiment, and in line with the better performance of regional bourses. The benchmark FBM KLCI rose 14.38 points or 0.89% to close at the day’s highest point of 1,632.1. Today’s Support and Resistance for FKLI spot month is located around 1,645 and 1,627 respectively.