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STI to cross 3000 boosted by long-term investors
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WanSiTong
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31-Dec-2015 07:32
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x 0 Alert Admin |
Notice: 2016 New Year' s Holiday  |
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WanSiTong
Supreme |
31-Dec-2015 07:05
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North and South American Indexes
 Oil bogs down Wall St. as S & P 500 clings to gain for 2015 Wall Street dropped on Wednesday as Brent crude slid towards 11-year lows and Apple weighed on the S & P 500 index, which clung to a meager gain for 2015. The S & P energy sector .SPNY was the poorest performer among the 10 major sectors, down 1.47 percent after forecasts of a short winter in North America and Europe piled pressure on the oversupplied commodity. Shares of Exxon (XOM.N) lost 1.33 percent while Chevron (CVX.N) dipped 1.27 percent. Apple (AAPL.O) was the heaviest drag on the S & P 500 and Nasdaq Composite, falling 1.31 percent. Fears of potentially soft iPhone sales have helped push that stock down 9 percent in the past month. Wednesday' s losses undid much a broad rally in the previous session that was similarly influenced by tech and energy stocks. Netflix (NFLX.O) and Amazon.com (AMZN.O), the S & P 500' s top two performers in 2015, dipped 2.02 percent and 0.70 percent respectively. Nike (NKE.N), this year' s best-performing Dow component, fell 1.57 percent. " There is no consistency and no upside follow-through, which is disturbing, but that' s been the pattern all year," said Donald Selkin, chief market strategist at National Securities in New York. The major indices deepened their declines in the last few minutes of trade. The Dow Jones industrial average .DJI finished 0.66 percent weaker at 17,603.87 points and the S & P 500 .SPX lost 0.72 percent to 2,063.36. The Nasdaq Composite .IXIC dropped 0.82 percent to 5,065.85. For the year, the S & P 500 held onto modest 0.2 percent gain, while Nasdaq was up about 7 percent. The Dow, however, was down about 1.2 percent in 2015. Hobbled by growing global supply and lower demand in Asia, the energy sector has fallen about 24 percent this year, easily the S & P' s worst performer. Hurt by a rout in commodities, the materials index .SPLRCM has fallen 10 percent in 2015. Trading volumes were low and were expected to remain thin on Thursday, the last trading day of the year. Volume on US exchanges was 4.6 billion shares, compared to a 7.4 billion average over the last 20 trading days, according to Thomson Reuters data. Billionaire investor Carl Icahn' s Icahn Enterprises LP (IEP.O) agreed to buy Pep Boys-Manny Moe & Jack (PBY.N) for about $ 1 billion, hours after Bridgestone Corp (5108.T) quit the race for the US auto parts retailer . Pep Boys fell 2.90 percent and Icahn Enterprises (IEP.O) dipped 0.97 percent. Fairchild Semiconductor (FCS.O) rose 3.7 percent after it received a revised offer from the Party G Group, with new terms on termination fees if the takeover fails to secure regulatory approvals. Weight Watchers (WTW.N) soared 19 percent, extending gains for the third day after the company launched an advertising campaign last week featuring Oprah Winfrey. Declining issues outnumbered advancing ones on the NYSE by 2,183 to 898. On the Nasdaq, 2,010 issues fell and 826 rose. The S & P 500 index showed 15 new 52-week highs and no new lows, while the Nasdaq recorded 54 new highs and 58 new lows. |
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WanSiTong
Supreme |
30-Dec-2015 16:38
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Dow future -32European Indexes
Asian Indexes
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valuebuyer
Senior |
30-Dec-2015 13:56
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Thanks brother, I'm already out from sg market, but collecting the cheap oil counters.
If talking about true value, dbs is not worth of $20, look at HSBC, buying current price around hk$60 can earn 6.5% interest, DBS can't even give you 4% interest.
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WanSiTong
Supreme |
30-Dec-2015 12:18
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Noon Market STI down 0.39% to 2,876.89 at midday December 30, 2015: 12:07 PM Singapore stocks are retreated at midday with fewer traders at their desk. As at 12.02pm, the benchmark Straits Times Index is down 0.39%, or 11.33 points to 2,876.89. In the broader market, about 500 million shares with a value of $ 235 million were traded. Gainers outnumbered losers 155 to 139. Noble Group (Valuation: 1.20, Fundamental: 0.35) is down 9.1% to 40 cents after has been cut to junk status by Moody' s despite selling its remaining stake in Noble Agri to Chinese state-backed grain trader Cofco for US $ 750 million ($ 1.06 billion ) to stave off a ratings downgrade. Moody' s acknowledged Noble' s fundraising efforts, but says its " liquidity position remains constrained" . Sembcorp Industries (Valuation: 2.40, Fundamental: 1.10). Is up 0.66% to $ 3.07 after announcing a RMB925 million ($ 201 million) investment to buy a 49% equity stake in a power generation firm in China The joint venture with a unit of Chongqing Energy Investment Group already operates a 300 megawatt coal-fired power plant and is building another plant with 1,320 megawatt power in Chongqing. Triyards (Valuation: 2.00, Fundamental: 1.30) is up 1.1% to 44 cents after the shipbuilder announces a contract to build two oil barges worth US $ 21.8 million ($ 30.8 million) from Taiwan' s state-owned oil and gas firm CPC Triyards will build. a pair of oil barges to be used for coastal service and supply bunker fuel to vessels in Taiwan' s harbour, Triyards says in a statement to Singapore Exchange. The barges will be delivered in 2018. |
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WanSiTong
Supreme |
30-Dec-2015 10:08
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Asian Shares Mostly Higher 30 December 2015 9:58 Markets in Asia rose Wednesday as a recovery in oil prices lifted energy shares. Australia' s S & P / ASX 200 was up 0.6%, while Hong Kong' s Hang Seng Index and the Shanghai Composite Index were flat. Japan' s Nikkei Stock Average gained 0.5%. South Korea' s Kospi was down 0.2%. Shares in Australia were up for the ninth straight session with the energy sector up 1%. In Singapore, Noble Group Ltd.' s stock fell 4.6% after Moody' s Investors Service slashed the commodities firm' s credit rating to junk status. It was another blow for the firm, which has struggled this year amid allegations of accounting irregularities and a slump in commodities prices. Shares have plunged 64% this year. US stocks rose Tuesday, as investors bought shares of some of the year' s biggest decliners, including energy stocks. Brent crude oil prices are down more than 30% for the year, but gained 2.4% on Monday in the US The region has been volatile in recent weeks, amid a broad slide in commodity prices, trouble in the high-yield debt market, lackluster global economic growth and the US Federal Reserve' s first interest rate rise in nearly a decade. A recovery in oil and natural gas prices in recent days has added momentum to recent sessions. " The psyche of the market is still very negative on everything," said Andrew Sullivan, managing director at Haitong International Securities, adding that any further declines in oil could weigh on stocks in the near-term. Trading volumes are also thinning as the year draws to a close. Financial markets in Asia, the US, and Europe will be closed Friday for New Year' s Day. The MSCI Asia Pacific is on track to lose 4.4% this year. Asia had volatile summer, with a stock crash in China and the surprise devaluation of the yuan. Markets in Southeast Asia, Hong Kong and India are down most in the region this year. Thailand' s SET has lost 14%, the Hang Seng Index is down 6.8% and India' s Sensex is down 5%. By comparison, the S & P 500 is up 1% year-to-date while the Dow Jones Industrial Average is down 0.6%. Still, further easing in China, corporate growth in Japan and a recovery in the US are some things investors can look forward to in the coming year, said Mr. Sullivan. " The news is getting better" for the Asia region, he said. Brent crude oil was last down 1.1% at $ 37.39 a troy ounce in Asia trade Wednesday. Gold prices were flat at $ 1,068.20 a barrel. |
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WanSiTong
Supreme |
30-Dec-2015 09:00
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Oil Rebound Sets the Scene for Gains in Hong Kong Stocks 30 December 2015 8:54 An overnight rebound in crude-oil prices could push materials and energy stocks higher in Hong Kong as investors sniff for any excuse for a rally in a weak month of trading. Hang Seng Index futures are up 0.2% in the morning. The benchmark index has barely advanced - to the tune of 0.01% - so far in December, but looks set to lift as investors dive into oil stocks before a weekly report of US oil inventories due later Wednesday. Analysts expect the supply to drop, which would send crude-oil prices higher. " The current oil price levels continue to look more like good entry points for further short positions," says IG. " Nonetheless, energy stocks look set to benefit during Asian trade today." A recent agreement from nine large copper smelters in China to cut production, driving copper prices up, could also buoy materials stocks, IG says. . |
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WanSiTong
Supreme |
30-Dec-2015 08:26
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Stocks To Watch Noble, Sembcorp, Keppel, Triyards, Tiong Seng, SBS Transit December 30, 2015: 7:54 AM Here are some stocks to watch this Wednesday morning. Noble Group (Valuation: 1.20, Fundamental: 0.35), the commodity trader battling criticism of its accounting, had its credit rating cut to junk by Moody' s Investors Service on concerns about the company' s liquidity amid a broad downturn in prices for energy and raw materials. Moody' s lowered Noble' s senior unsecured bonds to Ba1 from Baa3, the ratings company said Tuesday in a statement. The outlook for the company' s new rating in negative. In response, Noble says its rating metrics will " substantially exceed those required of an investment grade credit" once the sale of its Noble Agri to China' s COFCO is completed. Noble closed 1.12% lower at 44 cents. Sembcorp Industries (Valuation: 2.40, Fundamental: 1.10) has formed a joint venture with Chongqing Energy Investment Group' s subsidiary to invest in a mine-mouth 1,620-megawatt coal-fired power project in Chongqing municipality The total investment value of the two power plants. will be RMB6 billion ($ 1.3 billion), which is financed by a combination of equity and on-shore long-term financing. Shares in Sembcorp closed 0.65% lower at $ 3.05 on Tuesday. The local and overseas units of Keppel Offshore & Marine, a subsidiary of Keppel Corp (Valuation: 1.80, Fundamental: 1.30), have secured four contracts worth about $ 125 million from repeat customers Shares in Keppel Corp closed 0.76% lower at $ 6.50 on Tuesday. . Triyards Holdings (Valuation: 2.00, Fundamental: 1.30). Says it has won contracts to build two oil barges worth NTD 716 million ($ 30.8 million) They come from new client, CPC Corporation (CPC), a Taiwan state-owned oil and gas company responsible for supplying energy to its domestic market. Triyards closed 1.16% higher at 43.5 cents on Tuesday. Tiong Seng Holdings (Valuation: 1.20, Fundamental: 0.35) ' subsidiary Tiong Seng Contractors has won a contract from the Land Transport Authority worth about $ 69.9 million for the construction of a bus depot at Ulu Pandan Shares in Tiong Seng closed at 25 cents.. SBS Transit (Valuation: 0.80, Fundamental: 0.20) has signed a Letter of Intent with the Land Transport Authority for the sale of 50 new buses purchased by the company from June to December 2015. The buses comprise 12 single deck buses and 38 double deck buses. The deal will not have any impact on the net tangible assets per share and the earnings per share of the company for the financial year ending Dec 31. Shares in SBS Transit closed at $ 1.915. Markets US stocks climbed sharply higher Tuesday as a rebound in oil prices helped reinvigorate bullish sentiment on Wall Street. The Dow Jones Industrial Average jumped 192.71 points, or 1.1%, to 17,720.98 while the S & P 500 rose 21.86 points, or 1.1%, to 2,078.36. Meanwhile, the Nasdaq Composite gained 66.95 points, or 1.3%, to 5,107.94. In Singapore, the benchmark Straits Times Index ended 0.45% or 12.90 points higher at 2,888.02 amid weaker fuel prices that may help global trade. In the broader market, about 724 million shares with a value of $ 481.5 million were traded. Gainers outnumbered losers 222 to 155. |
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Lionel84
Member |
30-Dec-2015 08:19
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In this kind of cycle, the stock price will never reflect the true value of the company, aka value investing. Piggybacking on market makers/manipulator is not right nor wrong, but u have got to get out earlier than they do, otherwise there's no soap left
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WanSiTong
Supreme |
30-Dec-2015 06:54
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North and South American Indexes
European Indexes
Apple and Amazon deliver rally on Wall Street Wall Street rose sharply on Tuesday, elevating the S & P 500 to a modest gain for the year as Amazon and Apple led tech stocks higher. All 10 major S & P sectors ended with gains, led by a 1.34-percent rise in the technology sector .SPLRCT, its strongest performance since the start of the month. Following a recent selloff over concerns about potentially soft iPhone sales, Apple (AAPL.O) jumped 1.80 percent and was the biggest influence on the S & P 500 and Nasdaq. Amazon (AMZN.O) climbed 2.78 percent and closed at a record high of $ 693.97. The online retailer recorded more than 3 million new Prime memberships in the third week of December, indicating strong holiday demand. The health index .SPXHC jumped 1.22 percent, led by a 1.26 percent gain in Pfizer (PFE.N). " Tech stocks, and some healthcare stocks, can deliver top-line growth in a situation where a lot of other companies have to generate earnings through cost-cutting or share buybacks. What you' re seeing there is a bid for growth," said Bucky Hellwig, senior vice president at BB & T Wealth Management in Birmingham, Alabama. Chevron (CVX.N) rose 0.98 percent, helping push the S & P energy sector .SPNY up 0.69 percent after oil prices edged up on the prospects of colder weather in Europe and North America, raising hopes of a short-term uptick in the tepid demand that has plagued the commodity this year. Data on Tuesday indicated consumer sentiment was improving, with the Conference Board' s index of consumer confidence for December up at 96.5, beating the 93.8 expected. The Dow Jones industrial average .DJI ended 1.1 percent higher at 17,720.98 points while the S & P 500 .SPX gained 1.06 percent to 2,078.36. The Nasdaq Composite .IXIC added 1.33 percent to 5,107.94. Trading was thin with many investors off for the holidays. Volume on US exchanges was 5.0 billion shares, compared to a 7.5 billion average over the last 20 trading days, according to Thomson Reuters data. The S & P 500 has now rebounded 11 percent from a steep correction in August that was caused by turmoil in China' s stock market and fears about a slowdown in its economic growth. With two trading sessions left in 2015, the S & P 500 was up almost 1 percent for the year, while the Nasdaq Composite was up almost 8 percent. The Dow Jones industrial average, however, was down about 0.6 percent for the year. Pep Boys (PBY.N) rose 8.79 percent after the auto parts retailer' s board found Carl Icahn' s latest offer superior to the deal it accepted from Japan' s Bridgestone (5108.T). Advancing issues outnumbered decliners on the NYSE by 2,270 to 798. On the Nasdaq, 1,976 issues rose and 859 fell. The S & P 500 index showed 29 new 52-week highs and no new lows, while the Nasdaq recorded 82 new highs and 46 new lows. |
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Qanghoo
Supreme |
29-Dec-2015 20:30
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Value of trades done on sgx < half bil SGD, probably the lowest for a full-day session this yr.
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valuebuyer
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29-Dec-2015 19:44
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Market maker don't see this way, they see the return %, dbs lowest at $8.30 @ 2004 & reached to highest $23.90 @ 2007 , it return almost 300% gain, then dbs back to lowest $7.39 @2009 , reached to highest $21.60 @ 2015, it almost 300% gain too.
So every cycle is 300% gain , they had hit the target price this year, a new low price will come then another new high price for another 7 years cycle.
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WanSiTong
Supreme |
29-Dec-2015 16:35
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Dow futures + 67European Indexes
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| Index | Country | Change | % Change | Level | Last Update | |
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Australia ASX All Ordinaries | Australia | +59.50 | +1.13% | 5,315.60 | 12:10am ET |
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Shanghai SE Composite Index | China | +29.96 | +0.85% | 3,563.74 | 2:29am ET |
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Hang Seng | Hong Kong | +80.00 | +0.36% | 21,999.62 | 3:01am ET |
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Mumbai Sensex | India | +13.59 | +0.05% | 26,047.72 | 3:12am ET |
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Nikkei 225 | Japan | +108.88 | +0.58% | 18,982.23 | 1:15am ET |
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Taiwan TSEC 50 Index | Taiwan | -64.58 | -0.77% | 8,293.91 | 12:33am ET |
Supreme
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Asian Shares: Asia' s Energy Shares Lower as Oil Price Falls - Update
9 December 2015 12:59
Shares in Australia led most Asian markets higher by midday Tuesday, although declines in energy kept a cap on gains.
Australia' s S & P ASX 200 was up 0.9% at 5253.70, helped by consumer staples and discretionary shares, which rose 2.2% and 1.7% respectively. Banks on the index were also up, by 1.1%.
" We' re still pretty range bound" as volumes are light, said Andrew Sullivan, managing director at Haitong International Securities. But, these sectors are getting a bit of a boost from expectations of spending around the holidays, and benefits to banks from an environment of higher interest rates. Banks can start charging higher margins when benchmark rates rise. Earlier this month, the US Federal Reserve increased short-term rates for the first time in years.
Australian shares are now up for an eighth-straight session, reopening from Monday when markets there were closed for Boxing Day.
Elsewhere Tuesday, Hong Kong' s Hang Seng Index was up 0.3%, and the Shanghai Composite Index was up 0.2%. The latter was recovering from a 2.6% selloff Monday, its worst daily percentage drop in a month.
The Nikkei Stock Average gained 0.5% and South Korea' s Kospi was flat.
A fresh selloff in oil prices pressured energy shares, although they recovered slightly in the afternoon.
The sector was down 0.1% in both Australia and Hong Kong. In Australia, these shares have been some of the worst performing in Asia in the month to date, down more than 8%.
A global glut of crude oil has contributed to a 30% fall in US oil prices this year. Last week' s respite in oil-price declines helped lure investors back to the energy sector. But US crude prices fell again Monday, down 3.4% to $ 36.81 a barrel.
US stocks slipped overnight, with energy stocks notching some of the steepest declines, including Chevron Corp. on the Dow Jones Industrial Average.
Brent crude oil prices were last recovering by 0.1% to $ 36.67 a barrel in Asia trade Tuesday.
In China, investors continue to gauge several concerns as the year winds down: scrutiny by Chinese officials over capital flight as the economy slows a potential flood of new shares to the market next year as China launched a registration-based IPO system and possible selling by large Chinese shareholders next year, once authorities allow them to. A six-month ban on selling by large shareholders, put in place during July, is set to expire in early January.
Hong Kong-listed property developer China Vanke Co., whose management is in the middle of a fight to maintain control of the company from a group of activist shareholders, said Tuesday that it had signed an initial agreement to buy a company, without giving details of the potential target or seller. The move would lead to an issuance of new shares, which would help Vanke fend off attempts by the activists, led by Baoneng Group, to buy it.
Shares of the firm remained suspended, having soared 19% this month through Dec. 18.
Shares of Real Nutriceutical Group Ltd., which has been targeted by short seller Glaucus Research Group California LLC, were down 3.6% even after the firm said late Monday that its chief executive had stepped in to support the stock. Shares plunged 16% Monday when they resumed trading for the first time following a suspension on Oct. 22. The firm sells nutritional supplements and health drinks.
Gold prices were up 0.3% at $ 1071.40 a troy ounce.
Supreme
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Alert Admin
Noon Market
STI up 0.35% to 2,885.35 at midday
December 29, 2015: 12:16 PM
Singapore stocks are trading higher at midday. As at 12.01am, the benchmark Straits Times Index is up 0.35%, or 10.03 points to 2,885.35. In the broader market, about 288 million shares with a value of $ 201 million were traded. Gainers outnumbered losers 153 to 117.
Singapore Airlines (Valuation: 1.40, Fundamental: 1.65) rose 0.6% at $ 11.19 while Tiger Air rose 1.2% to 41 cents after SIA announced the group and its concert parties have acquired 74.5% or 1.86 billion Tiger Airways (Valuation: 0.00, Fundamental: 1.35) shares as of Monday which is short of the 90% stake it requires to take the budget airline private. The shortfall could explain SIA' s decision to extend its offer to buy Tigerair shares from its original Dec 28 deadline to Jan 8.
SingPost rose 0.6% to $ 1.635 The Singapore Exchange said on Monday it will wait for the results of Singapore Post (Valuation: 1.50, Fundamental: 2.70). ' S upcoming special corporate governance audit before assessing the postal and e-commerce group' s compliance with listing rules.
TEE International (Valuation: 1.40, Fundamental: 0.90) was trading 4.2% higher at 24.5 cents on Monday' s announcement that an arbitral tribunal in Singapore has ruled in the company' s favour a contractual dispute over a project in Brunei The tribunal is awarding the company' s subsidiary. PBT Engineering Sdn Bhd BND11.3 million ($ 11.3 million).
Supreme
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Alert Admin
HSI turning green.
Elite
Yells: "Reality is only a matter of perception"
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Alert Admin
sgx volume traded pretty dead for the period. better to watch other markets.
Supreme
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Stocks To Watch
SIA, Tiger Air, SingPost, Oxley, China Yuanbang, Alliance Mineral Assets
December 29, 2015: 7:24 AM
Here are some stocks to watch this Tuesday morning.
Singapore Airlines (Valuation: 1.40, Fundamental: 1.65) is extending by more than a week the deadline to buy out all the the shares in Tiger Airways Holdings (Valuation: 0.00, Fundamental: 1.35), the unprofitable budget airline listed less than six years ago. Shareholders of Tiger Airways will now have until Jan. 8 to decide whether to accept Singapore Air' s offer to pay $ 0.41 a share, SIA said Monday. The decision comes after the Securities Investors Association Singapore asked the airline' s board to consider extending the Dec 28 deadline and also consider improving the offer price. Shares of Singapore Air rose 0.6% to close at $ 11.12 in the city state. Tiger Airways was unchanged at $ 0.405.
The Singapore Exchange (SGX) (Valuation: 2.10, Fundamental: 2.30) has decided to wait for the results of Singapore Post (Valuation: 1.50, Fundamental: 2.70) ' s upcoming special corporate governance audit before assessing the postal and e-commerce group' s compliance with listing rules, it said on Monday. The bourse said this in an e-mail response to a Business Times query on what action it was taking given mainboard-listed SingPost' s admission last Tuesday that it had not properly disclosed a conflict of interest for one of its directors, Keith Tay Ah Kee, in an acquisition made in 2014. SingPost closed 0.93% or 1.5 cents higher at $ 1.625.
Oxley Holdings (Valuation: 1.50, Fundamental: 1.10). Has accepted an unsolicited offer for Chiba Port Square in Chiba Prefecture, Japan for US $ 60 million ($ 84.2 million) A memorandum of understanding (MOU) was entered into by the group on Dec 25 with Greenland Hong Kong Investment Group and Japanese tax-free store chain operator LAOX Co. Oxley closed 1.14% or 0.5 cent higher at 44.5 cents.
China Yuanbang Property Holdings subsidiary Guangdong Yuanbang Real Estate Development has agreed to dispose of its 25% stake in Wanyuan Yuanbang Resort Development Co to Wanyuan City Qinba Electronic Commerce Co. The agreement will take effect upon the payment of RMB27 million. The total consideration for the proposed disposal is RMB37.5 million ($ 8.14 million). China Yuanbang says the proposed disposal will enable the company to bring in the purchaser as a strategic partner on the project. The company will realise an estimated net gain of approximately RMB30.15 million from the proposed disposal. It intends to use the sales proceeds as working capital. Shares in China Yuanbang closed 3.64% higher at 28.5 cents.
Alliance Mineral Assets (Valuation: N / A, Fundamental: N / A) says it has delivered its first order of Tantalite Concentrate under a distribution agreement it signed with Mitsubishi Corporation Japan on Dec 24. In addition, the company has entered into a Memorandum of Understanding (MOU) inked on Dec 13 with Sinosteel Equipment & Engineering to collaborate in the development of tantalite and other mineral resources in Australia " utilizing AMA' s tantalite mine, beneficiation plant and primary processing plant and Sinosteel' s experts, technology and experience of prospecting, mining , beneficiation and smelting. " AMA closed 8.9% lower at 11.2 cents.
Markets
Wall Street fell on Monday, hurt by a steep drop in oil prices as well as a dip in Apple shares, pushing the S & P 500 back into negative territory for 2015. The Dow Jones industrial average ended down 0.14% at 17,528.47 and the S & P 500 lost 0.22% to 2,056.51. The Nasdaq Composite fell 0.15% to 5,040.99.
In Singapore, the benchmark Straits Times Index closed 2.30 points or 0.08% lower at 2,880.38. In the broader market, 629 million shares valued at $ 420 million were traded. Losers edged out gainers 222 to 168.
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North and South American Indexes
| Index | Country | Change | % Change | Level | Last Update | |
|---|---|---|---|---|---|---|
| |
Dow Jones Industrial Average | United States | -23.90 | -0.14% | 17,528.27 | 4:34pm ET |
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S& P 500 INDEX | United States | -4.49 | -0.22% | 2,056.50 | 4:34pm ET |
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Brazil Bovespa Stock Index | Brazil | -250.60 | -0.57% | 43,764.34 | 3:20pm ET |
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Canada S& P/TSX 60 | Canada | +1.09 | +0.14% | 784.16 | Dec 24 |
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Santiago Index IPSA | Chile | +0.11 | +0.00% | 2,923.89 | 3:13pm ET |
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IPC | Mexico | -132.11 | -0.30% | 43,396.16 | 4:06pm ET |
Wall Street cedes ground as oil decline deepens
Wall Street fell on Monday, hurt by a steep drop in oil prices as well as a dip in Apple shares, pushing the S & P 500 back into negative territory for 2015.
The S & P 500 energy sector .SPNY lost 1.79 percent, easily the poorest performer as a 3 percent drop in oil prices led investors to unload shares of Exxon Mobil (XOM.N), down 0.73 percent, and Chevron (CVX.N), which fell 1.84 percent. [O / R]
US stock indexes have closely tracked crude prices in the past several weeks.
Following the US Federal Reserve' s first rate hike in almost a decade this month, the S & P 500 is marginally lower for the year and the Dow Jones industrial average is almost 2 percent weaker, disappointing investors hoping for a last-minute rally.
" The interest rate issue has been settled and markets have incorporated Fed action. But you have energy and tax loss harvesting moving markets back and forth in these last few weeks," said Tim Courtney, chief investment officer at Exencial Wealth Advisors, which oversees $ 1.4 billion in assets.
The Dow Jones industrial average .DJI ended down 0.14 percent at 17,528.47 and the S & P 500 .SPX lost 0.22 percent to 2,056.51. The Nasdaq Composite .IXIC fell 0.15 percent to 5,040.99.
Apple (AAPL.O) lost 1.12 percent and was the biggest drag on the S & P and Nasdaq. The company' s stock has lost 9 percent in the past month with investors worried that annual iPhone sales could decline for the first time in 2016.
Six out of 10 S & P sectors were lower, with consumer discretionary .SPLRCD up 0.26 percent and leading gainers thanks to a 1.87 percent rise in Amazon.com (AMZN.O).
Trading volumes are expected be subdued through the week, which is likely to exacerbate volatility.
Valeant (VRX.N) fell 10.48 percent after the Canadian drugmaker said Chief Executive Michael Pearson was going on medical leave.
Fitbit (FIT.N) rose 3.29 percent after reports that the wearable gadget maker' s iOS app was the most downloaded after Christmas, suggesting strong holiday demand.
Dow component Walt Disney (DIS.N) gained 1.31 percent after the company' s latest Star Wars installment topped $ 1 billion in ticket sales.
Declining issues outnumbered advancing ones on the NYSE by 1,924 to 1,172. On the Nasdaq, 1,850 issues fell and 1,011 rose.
The S & P 500 index showed four new 52-week highs and no new lows, while the Nasdaq recorded 41 new highs and 44 new lows.
Volume on the US exchanges was 4.9 billion shares, compared to a 7.4 billion average over the last 20 trading days, according to Thomson Reuters data.