FKLI Related News

NEW YORK, Feb 15 (Reuters) - The S&P 500 dipped in a late decline on Friday as Wal-Mart dropped following a report of a weak start to February sales, though the index just barely extended its streak of weekly gains to seven. Equities were little changed for much of the session, with investors finding few reasons to make big bets following an extended rally on Wall Street, but stocks turned lower in afternoon action.

Wal-Mart Stores Inc dropped 2.1 percent to $69.30 after Bloomberg News reported a weak start to February sales, citing internal company e-mails. The stock was the biggest decliner on the Dow, while the S&P retail index fell 0.5 percent. "When a retailer of this size comes out with this kind of lousy news, the whole market can fall off, especially on a Friday afternoon," said Mike Shea, trader at Direct Access Partners in New York. "However, I'm not worried that this is indicative of any larger macro issue with retail."

The Dow Jones industrial average was up 11.27 points, or 0.08 percent, at 13,984.66. The Standard & Poor's 500 Index was up 0.32 points, or 0.02 percent, at 1,521.70. The Nasdaq Composite Index was down 0.21 percent at 3,192.03. For the week, both the Dow and Nasdaq fell 0.1 percent while the S&P rose 0.1 percent in its seventh straight week of gains, a period during which the index rose 8.4 percent. The last such seven-week run was between December 2010 and January 2011.

The New York Federal Reserve said manufacturing in New York state expanded for the first time in seven months, while Thomson Reuters/University of Michigan's preliminary reading of consumer sentiment rose from the prior month and beat expectations. But U.S. manufacturing fell in January after a rise in the prior month. Wall Street's gain thus far in 2013 has largely been driven by strong corporate earnings, while data indicated some weakening in economic conditions. A surge in merger and acquisition activity, with more than $158 billion in deals announced so far in 2013, has given further support to the equity market as it points to healthy valuations and bets on the economic outlook.

The yen resumed falling on Monday after Japan signaled it would push ahead with expansionist monetary policies having escaped criticism from the world's 20 biggest economies at the weekend. Gold prices suffered their sharpest weekly loss in nine months on Friday after crashing through key support levels, and oil and copper fell after a surprise drop in U.S. industrial output sparked concerns about recovery in the world's largest economy. Brent crude oil consolidated below $118 per barrel on Monday, underpinned by expectations of improving global growth and continuing tensions in the Middle East.

FKLI closed lower yesterday at 1,615.50 as investors continue to stay defensive in the run up to the national elections which must be held by June. Today’s Support and Resistance for February contract is located around 1,600 and 1,615 respectively.