FKLI Related News

NEW YORK (Reuters) - Stocks advanced on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains. The S&P 500 is on track to post its best monthly performance since October 2011 and its best January since 1997 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record.

The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007. Shares of Amazon.com (AMZN) jumped nearly 7 percent in extended trade after the world's largest Internet retailer posted fourth-quarter revenue that jumped 22 percent to $21.27 billion. The stock closed down 5.7 percent at $260.35 in regular trading.

Among rising defensive shares, which are companies relatively immune to economic swings, were drugmaker Pfizer (PFE), up 3.2 percent to $27.70 after posting earnings and AT&T (T.N), 1.6 percent higher at $34.68. "Cyclical were moving very nicely, now you see balance with some of the defensive. Many managers use that as an internal hedge in equity portfolios," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. She said the market is cautious ahead of Wednesday's statement following the Federal Reserve's two-day meeting. In addition, defensive stocks would hold up better if Friday's payrolls report surprises on the downside. The top performing sectors on the S&P 500 were healthcare (.SPXHC) and telecom services (.SPLRCL), so-called defensive sectors, both up more than 1 percent.

Stock markets around the world rose and the dollar fell to a 14-month low against the euro on Tuesday amid rising risk appetite as the Federal Reserve began a two-day policy meeting in which it is expected to maintain its easy monetary policy. Oil and copper prices rose for a second straight day on Tuesday as strong U.S. housing market data bolstered confidence that economic growth and fuel demand were accelerating. U.S. crude oil rose more than 1 percent on Tuesday, exceeding gains in Brent crude.  

FKLI opened slightly higher this morning at 1,634.50 but trading sentiment remains cautious due to the shorter trading days this week as the market will be closed on Friday for Federal Territory Day. Today’s Support and Resistance for FKLI spot month contract is located around 1,616 and 1,639 respectively.