FKLI Related News

NEW YORK (Reuters) - Stocks closed modestly higher on Thursday, with the Dow ending at a record for a third straight day as jobless claims data pointed to a pick-up in the labor market's recovery a day before the closely watched payrolls report. The Dow and the S&P 500 were both up for their fifth straight days as investors looked for opportunities to buy into the recent rally. However, caution ahead of the jobs report curbed gains and kept the S&P more than 1 percent below its record close.

A strengthening economy and loose monetary policy by central banks around the world have pushed U.S. stocks higher this year. Worries remain as Washington debates the path of fiscal policy, the euro zone is not out of its crisis, and U.S. economic growth remains anemic. However, the latest economic data was encouraging, as the number of Americans filing claims for unemployment benefits unexpectedly fell last week to a seasonally adjusted 340,000. It was the second straight week of declines.

Investors will stay focused on the labor market ahead of Friday's non-farm payrolls report, which is expected to show the U.S. economy added 160,000 jobs in February. While it has been a soft spot in the economic recovery, the labor market is seen as healing slowly. "If payrolls disappoint, we'll have a pullback, but that won't be enough to derail the rally," said Zemsky, who helps oversee $170 billion. "If the report is strong, markets still have room to grow." The Dow Jones industrial average (^DJI) rose 33.25 points, or 0.23 percent, to 14,329.49, a record closing high. The Standard & Poor's 500 Index (^GSPC) added 2.80 points, or 0.18 percent, to 1,544.26. The Nasdaq Composite Index (^IXIC) gained 9.72 points, or 0.30 percent, to end at 3,232.09.

In a separate report on Thursday, the Commerce Department said the U.S. international trade deficit widened more than expected in January as crude oil imports rose and fuel oil exports fell. In contrast, the department cut its estimate of the December trade gap. Retail stocks were among the most active following February same-store sales. Gap Inc (GPS) jumped 4.1 percent to $35.87 as its results were stronger than expected.

Global equity markets rose on Thursday after an encouraging U.S. weekly labor market report indicated a steadily improving economy, while the euro strengthened after the European Central Bank left its benchmark interest rate unchanged. Commodities rose broadly on Thursday, with metals and agricultural markets mostly posting strong gains after the dollar's tumble fueled buying in raw materials by holders of the euro and other major currencies.

Stocks on Bursa Malaysia ended marginally lower yesterday on profit-taking after two consecutive days of gains. FKLI spot month opened slightly lower this morning at 1,653.50, as investors turned cautious ahead of central bank meetings and the release of economic data that included those from the European Central Bank and Bank of England and the US non-farm payrolls.           [Reuters]

Today’s Support and Resistance for March contract is located around 1,635 and 1,655 respectively.