FKLI Related News (Wed, Apr 24)

NEW YORK (Reuters) - U.S. stocks climbed on Tuesday in a broad rally, recovering from sharp declines sparked by a "bogus" Associated Press tweet about explosions at the White House. A false tweet by hackers of two explosions at the White House that injured U.S. President Barack Obama provoked a steep drop in stocks, before they quickly recovered minutes later. Thomson Reuters data showed the benchmark S&P 500 index fell 14.6 points, or 0.93 percent, in the space of 3 minutes when the tweet hit the market. With the S&P 500 valued at about $14.6 trillion at the time of the false tweet, the plunge briefly wiped out $136.5 billion of the index's value.

Stocks had seen a solid advance before the tweet, lifted by a host of strong corporate earnings, including Travelers Cos Inc (TRV.N), Netflix Inc (NFLX.O) and Coach Inc (COH.N). After the closing bell, Apple Inc (AAPL.O) climbed 4.9 percent to $425.95 after the iPad and iPhone maker reported second-quarter earnings and unveiled plans to double the amount of capital it returns to shareholders. The Dow Jones industrial average (.DJI) rose 152.29 points, or 1.05 percent, to close at 14,719.46. The Standard & Poor's 500 Index (.SPX) gained 16.28 points, or 1.04 percent, to finish at 1,578.78. The Nasdaq Composite Index (.IXIC) advanced 35.78 points, or 1.11 percent, to end at 3,269.33.

Shares of Netflix shot higher after the movie streaming service reported earnings that beat expectations and strong subscriber growth. Coach stock leaped after the upscale leather goods maker and retailer reported higher-than-expected quarterly sales. Earnings season has been largely positive, with more than 68.9 percent of S&P 500 companies that have reported results so far beating expectations, according to Thomson Reuters data. Housing stocks ranked among the best performers, after Barclays raised its rating on the homebuilding sector to "positive" from "neutral." The sector also got a lift from encouraging housing data, with U.S. new home sales up 1.5 percent in March. 

Volume was active, with about 6.39 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly above the daily average of 6.38 billion. Advancing stocks outnumbered declining ones on the NYSE by a ratio of 4 to 1, while on the Nasdaq, more than three stocks rose for every one that fell.

Bursa Malaysia closed lower yesterday weighed by concerns over external sentiment after weak manufacturing data from China, dealers said. The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 6.29 points to close at 1,700.39 points compared with 1,706.68 points yesterday.  FKLI spot month contract opened higher at 1,699 following Wall Street’s jump after recovery from a Twitter-led drop.  

Today’s Support and Resistance for April contract is located around 1,693 and 1,705 respectively.