FKLI Related News (Fri, Mar 15)

NEW YORK, March 14 (Reuters) - The Dow Jones industrial average extended its winning streak to 10 days on Thursday, a string of gains last seen in late 1996, and ended at another record high as investors were encouraged by data showing the labor market's recovery was improving. The 30-stock Dow Jones industrial average has been setting record highs since last week, when it rallied on March 5 to initially surpass its previous lifetime closing peak set in October 2007. 

U.S. equities have accelerated their run higher without a major consolidation since the start of the year, driven by improvement in the economy and the Federal Reserve's continuation of its easy monetary policy. "It's simply a natural progression for prices to move to new highs in order for the market to advance. I don't think it's scaring investors," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "Fund flows really have reversed direction, and money started moving out of money markets and some from fixed income to equities. This kind of trend doesn't change easily so we can expect a lot more to come in."

The Dow Jones industrial average gained 83.86 points, or 0.58 percent, to 14,539.14, a record closing high. The Standard & Poor's 500 Index rose 8.71 points, or 0.56 percent, to 1,563.23, about 2 points from its record closing high of 1,565.15, set on Oct. 9, 2007. The Nasdaq Composite Index advanced 13.81 points, or 0.43 percent, to end at 3,258.93. Three months into the year, the Dow has shot up nearly 11 percent while the S&P 500 has gained 9.6 percent. Earlier Thursday, the Dow set another lifetime intraday high at 14,539.29.

Data on Thursday offered fresh signs of strength in the U.S. labor market as the number of filings for new unemployment benefits fell for the third week in a row. The housing sector index rose 1.5 percent and the Dow Jones Transportation Average added 0.8 percent. Ten of the Dow's 30 stocks hit at least 52-week highs, including Walt Disney Co. International Business Machines shares climbed to a lifetime intraday high of $215.85, and closed at $215.80, up 1.8 percent. Energy shares led the Dow and the S&P 500 higher, with the S&P energy sector index gaining 1.3 percent. Chevron was among the Dow's biggest percentage gainers, rising 1.4 percent to $120, after earlier hitting a fresh 52-week intraday high of $120.26.

Stocks on Bursa Malaysia closed on a weaker note yesterday in moderate trading on profit-taking in most consumer stocks. On the regional front, the Asian bourses were traded mixed on concerns over China’s economic outlook. FKLI spot month contract opened unchanged this morning at 1,640.

Today’s Support and Resistance for March contract is located around 1,630 and 1,650 respectively.