FKLI Related News

U.S. stocks rose for a second week, as the Standard & Poor’s 500 Index climbed to the highest level in five years, amid optimism about fourth-quarter corporate earnings and better-than-estimated data on Chinese exports. Bank of America Corp. slid 4 percent for the biggest drop in the Dow Jones Industrial Average. The S&P 500 advanced 0.4 percent to 1,472.05 for the week. The benchmark equity gauge closed at 1,472.12 on Jan. 10, the highest level since December 2007. The Dow added 53.22 points, or 0.4 percent, to 13,488.43. The Chicago Board Options Exchange Volatility Index, known as the VIX, fell 3.4 percent to 13.36, the lowest level since June 2007.  

Equities also advanced for the week as a report showed China’s overseas sales rose 14.1 percent in December from a year earlier, almost triple the 5 percent gain predicted. A separate report on the final day showed China’s inflation accelerated more than forecast to a seven-month high, a pickup that may limit room for easing to support an economic recovery.  The S&P 500 (SPX) posted the biggest gain in more than a year during the previous week as lawmakers passed a bill averting most of the more than $600 billion in spending cuts and tax increases, known as the fiscal cliff, and Labor Department figures showed payrolls rose last month. The benchmark index has rallied 8.8 percent from its November low as the Federal Reserve expanded its bond purchase program to boost the economy and optimism grew that Congress would reach a budget agreement.  

Hewlett-Packard Co., the largest maker of personal- computers and printers, surged 6.7 percent to $16.16 for the biggest gain in the Dow this week. American Express rallied 2.7 percent to $61.24. The biggest U.S. credit-card issuer by purchases said it will eliminate jobs, mostly in travel services, as consumers and businesses rely more on digital technology for bookings. Alcoa slumped 3.5 percent to $8.94 even as the largest U.S. aluminum producer reported fourth-quarter sales that exceeded analysts’ estimates after the company sold the commodity at a higher-than-expected average price.  Goldman Sachs Group Inc., JPMorgan Chase & Co. (JPM), Bank of America, Citigroup Inc. and Morgan Stanley are among the largest U.S. banks scheduled to report earnings next week. Earnings for financial companies in the S&P 500 grew 16 percent in the fourth-quarter, the second-biggest increase only behind telephone companies’ profits, according to data compiled by Bloomberg.

FKLI spot month opened higher this morning at 1,686. Today’s Support and Resistance for January contract is located around 1,680 and 1,694  respectively.