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STI to cross 3000 boosted by long-term investors
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WanSiTong
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26-Mar-2015 12:48
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Noon Market Singapore shares mostly higher oil and gas stocks in playMarch 26, 2015 : 12:39 PM SINGAPORE (March 26): Singapore shares were mostly higher at midday, with oil and gas shares leading gains, following a slow start in the morning.
At 12:33pm (0433 GMT), the Straits Times Index was up 0.3% at 3,430.66, off a low of 3,407 earlier. Energy-related shares rallied on a jump in oil prices sparked by news that a Saudi-led coalition had commenced military air strikes in Yemen against Iran-backed rebels. Vallianz Holdings rose 9.3% to 4.7 cents, Ezra Holdings climbed 2.3% to 45 cents, Triyards Holdings put on 3.8% to 41 cents, Swissco Holdings gained 2.5% to 40.5 cents and Otto Marine jumped 6.9% to 3.1 cents. Interest in oil and gas stocks was driven possibly also by news that Swiber Holdings had secured US$405.6 million ($554 million) worth of new contracts. Swiber jumped 11.3% to 16.7 cents on strong volume. Hyflux rose 3.4% to 92 cents after the water treatment firm said it will build a desalination plant in Oman to supply potable water to the Middle Eastern state for 20 years. Among blue chips, Singtel and the three banks were higher while the Jardine stocks were mixed. |
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WanSiTong
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26-Mar-2015 08:43
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Market Preview Singapore shares likely to pull back on Wall Street slideSINGAPORE (March 26): A selloff in US markets overnight, led by biotechnology and chip stocks, is likely to weigh on Singapore shares. The Dow Jones Industrial Average fell 1.6% to 17,718.54, the S& P 500 declined 1.5% to 2,061.05 and the Nasdaq Composite gave up 2.4% to 4,876.52. In Singapore, the Straits Times Index rose 0.2% to 3,419.02 yesterday. COMPANIES IN THE NEWS: Swiber Holdings has secured US$405.6 million ($554 million) worth of new contracts, lifting its order book to a record high of more than US$1.8 billion. Swiber shares ended 2% higher at 15 cents yesterday. Patrick Tallon, CEO of Civmec, said it is business as usual in the company despite the 29% plunge in its share price last week. Civmec shares fell 3.6% to 40.5 cents yesterday. Hyflux will build a desalination plant in Oman to supply potable water to the Middle Eastern state for 20 years. The seawater desalination plant, which will use reverse osmosis technology, will add 200,000 cubic metres of drinking water a day to Oman' s water supply. Hyflux shares ended 1.1% higher at 89 cents yesterday. Asia Fashion Holdings is seeking to raise $3.5 million by placing out new shares to four parties. The company, which supplies construction materials, will issue 58.8 million shares at six cents each to Forest Education Foundation, Grand Powerful Group, Samuel Tsang Yuen Wai and Ben Wong Yu Chiu. Asia Fashion shares closed flat at 5.5 cents yesterday. Beng Kuang Marine will raise $5 million by issuing convertible bonds to seven private investors. Beng Kuang shares fell 0.5% to 18.5 cents yesterday. Boustead Singapore has received the nod from the Singapore Exchange to list its real estate business on the Mainboard by way of introduction. Boustead shares rose 0.6% to $1.72 yesterday. Dairy Farm International has acquired Macau-based San Miu Supermarket, which operates 15 outlets. Dairy Farm shares fell 0.1% to US$9.20 yesterday. |
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WanSiTong
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26-Mar-2015 07:35
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Dow -1.62% 17,718.54 / -292.60 Nasdaq -2.37% 4,876.52 / -118.21 S& P -1.46% 2,061.05 / -30.45 Wall St. drops as biotechs, semis sink Nasdaq U.S. stocks dropped on Wednesday as a slump in technology and biotechs sent the Nasdaq to its biggest decline in nearly a year while the S& P 500 fell through key support levels. Semiconductors and biotech stocks weighed heavily on the Nasdaq, suffering their third straight session of declines after strong gains in the prior week. An index of biotechnology shares .NBI was down 4.1 percent for the session, its biggest fall since Dec. 23. The index finished below its 14-day average for the first time since Feb. 11 and its 50-day moving average for the first time since Oct. 17. The PHLX semiconductor index .SOX slumped 4.6 percent for its biggest percentage decline since Oct. 10 and also ended the session below both its 14-day and 50-day moving averages. " Brutal day in the markets," said Peter Kenney, chief market strategist at Clearpool Group in New York. " Recent leadership represented the best opportunity to manage risk, meaning ring the register, and that certainly was an important driver of the kind of action we saw today." Losses on the S& P 500 accelerated around mid-session after the benchmark dropped below a support level near 2,085, and late selling pressure pushed the benchmark index below its 50-day moving average at around 2,067. An earlier government report showing a drop in durable goods orders pushed the dollar index lower .DXY, giving initial support to equities as it eased fears that the rally in the U.S. currency would hurt corporate earnings. However, with valuations stretched as stock indexes trade near record highs, strong data is needed to justify valuations. The Dow Jones industrial average .DJI fell 292.6 points, or 1.62 percent, to 17,718.54, the S& P 500 .SPX lost 30.45 points, or 1.46 percent, to 2,061.05 and the Nasdaq Composite .IXIC dropped 118.21 points, or 2.37 percent, to 4,876.52. Kraft Foods (KRFT.O) surged 35.6 percent to $83.17 after a merger agreement with ketchup maker H.J. Heinz Co, owned by 3G Capital and Berkshire Hathaway (BRKb.N). Berkshire Class B shares slipped 0.5 percent to $143.56. Kofax Ltd (KFX.O) rallied 46 percent to $10.95 after Lexmark International (LXK.N), known for its printers, said it would buy Kofax in a deal of about $1 billion that would double the size of its enterprise software business. Lexmark shares climbed 6.1 percent to $43.27. After the closing bell, Red Hat (RHT.N) shares gained 4.6 percent to $71.61 as the world' s largest commercial distributor of the Linux operating system posted quarterly results and authorized a $500 million share buyback plan. Volume was active, with about 7 billion shares traded on U.S. exchanges, slightly above the 6.75 billion average so far this month, according to BATS Global Markets. Declining issues outnumbered advancing ones on the NYSE by 2,240 to 803, for a 2.79-to-1 ratio on the Nasdaq, 2,242 issues fell and 509 advanced, for a 4.40-to-1 ratio. The S& P 500 posted 11 new 52-week highs and 2 new lows the Nasdaq Composite recorded 62 new highs and 33 new lows. |
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teeth53
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25-Mar-2015 21:28
Yells: "don't learn through life, learn to grow with life " |
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http://www.businesstimes.com.sg/companies-markets/sp-flags-guangzhou-rf-for-further-rating-downgrade S& P flags Guangzhou R& F for further rating downgradeIt thinks Chinese developer' s cash flows and leverage could weaken more than earlier expectations. |
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teeth53
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25-Mar-2015 21:20
Yells: "don't learn through life, learn to grow with life " |
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Guangzhou R& F bought about 46.9ha of land in Iskandar, along the coast near the Causeway, from the Sultan of Johor in Dec last year for RM4.5 billion (S$1.4 billion). Poor sales and rising debt have lowered the creditworthiness of Chinese developer Guangzhou R& F Properties, in Iskandar Malaysia. Credit rating agency Standard & Poor' s (S& P) said that it had downgraded Guangzhou R& F' s credit rating from BB to BB-, citing the developer' s " aggressive debt-funded expansion" . " Weak market demand and a tightened credit environment should also continue to weigh on R& F' s sales performance, which has been lower than we expected this year." It noted that developer' s " aggressive growth aspirations and expansion, particularly in 2013, have significantly weakened its financial strength" . It has a Singapore sales gallery in East Coast Road for the project, and launched its 3,224-unit Princess Cove development for sale last month. S& P noted in its statement. Guangzhou R& F may not be able to meet its sales target for the year. " R& F' s contracted sales have been below our expectation this year, and the company has lowered its annual target to 60 billion yuan (S$12 billion) from 70 billion yuan... We believe it will be challenging for R& F to achieve its 60 billion yuan sales target, given the oversupply in the market." But S& P said the company' s outlook was stable, adding that it expects the developer to improve its property sales and maintain " above-average" profit margins over the next 12 months. But not all Chinese developers which have ventured into Iskandar have had their credit ratings lowered. China-based Country Garden, which is developing an integrated project in Iskandar' s Danga Bay, had its credit rating upgraded a notch in July this year. Ratings on Country Garden' s long-term corporate credit and outstanding senior unsecured notes were both raised from BB to BB+. This upgrade was based on expectations of steady growth in Country Garden' s sales, a larger scale of operations and Country Garden' s ability to avoid loading up on too much debt. |
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ruready
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25-Mar-2015 15:38
Yells: "Follow the micro penny , May be this is the last train" |
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Penny play go go go | ||||
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WanSiTong
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25-Mar-2015 13:01
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Noon Market Singapore shares mostly subdued but water stocks in playMarch 25, 2015 : 12:51 PM Investor interest in the local market was mostly subdued, although pockets of activity were seen in certain lower liners. At 12:39pm (0439 GMT), the Straits Times Index was up 0.2% at 3,419.78. Market breadth was slightly positive but volume was light. SIIC Environment Holdings jumped 6.7% to 16 cents, with more than 69 million shares traded, making it the most active stock in the market. The company has offered to acquire Fudan Water, which has 10 water treatment projects in Shanghai and the provinces of Jiangsu, Zhejiang and Guangdong, in a deal worth RMB1.55 billion ($348.3 million) to be paid for in cash and shares. The deal triggered interest in other water stocks. Darco Water Technologies rose 9.1% to 2.4 cents, China Everbright Water climbed 4.5% to 93.5 cents and Moya Asia Holdings put on 6.2% to 6.9 cents. Neptune Orient Lines rose 4.8% to 99 cents in brisk trade after Goldman Sachs upgraded the stock to " buy" from " neutral" and raised its price target to $1.30 from $1.00, saying the company will be a key beneficiary of an expected pickup in trade on the Transpacific route in 2015. Among blue chips, notable movers included Singtel, which rose 1.2% to $4.34, and Thai Beverage, which fell 2% to 74 cents. |
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FATABA
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25-Mar-2015 09:22
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STI is still above 3400.....SGX would consider this healthy....BUT LOOK closely at the daily volume...any improvement since the lunch cancellation ? At 9.20 am ...after the market opens today ...the top 10 volume.. none are over 20M lot done ....including penny.... wonder how would the graph look when you see the daily volume for the past 3/6 mths. What a stage of Spore market :((
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WanSiTong
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25-Mar-2015 09:09
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Market Preview Singapore shares seen opening lower on Wall Street slideSINGAPORE (March 25): Singapore shares may slip in early trading following a pullback on Wall Street overnight. The Dow Jones Industrial Average fell 0.6% to 18,011.14, the S& P 500 shed 0.6% to 2,091.50 and the Nasdaq Composite gave up 0.3% to 4,994.73. In Singapore, the Straits Times Index closed 0.1% higher at 3,413.26 yesterday. COMPANIES IN THE NEWS: SIIC Environment Holdings will pay RMB1.55 billion ($348.3 million) to acquire a China-based water treatment firm. It will pay about 10% of the total consideration in cash and the rest in shares. It will issue 1.56 billion shares at 13.2 cents each, a discount to the stock' s March 24 closing price of 15 cents. DMX Technologies has sought a suspension in the trading of its shares following revelations of accounting irregularities at two of its subsidiaries. It has also requested for more time to release its 2014 financial results. DMX shares last traded at 10.9 cents. ValueMax Group , which provides pawnbroking services, will expand into unsecured money lending in a bid to diversify its income stream. ValueMax shares rose 1.4% to 36 cents yesterday. Sino Construction , which last month requested for more time to release its 2014 results, has turned in a net loss of $2.7 million, substantially less than its $28.6-million loss in 2013. Sino Construction shares fell 3.2% to three cents yesterday. Metro Holdings' 50%-owned Nordevo Investments will sell its entire 100% stake in China East Asia Investment, which owns the EC Mall in Beijing, for US$179.5 million. Metro will reap a divestment gain of $37.2 million. Metro shares fell 0.5% to 96 cents yesterday. Oceanus Group is planning a share consolidation exercise to comply with a recent ruling that the share price of Mainboard companies should be no less than 20 cents. Oceanus shares rose 11.1% to 1 cent yesterday. Jacks International will consolidate every five shares into one. Jacks International shares were not traded yesterday. They last closed at 7.7 cents. |
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WanSiTong
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25-Mar-2015 06:41
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Dow -0.58% 18,011.14 / -104.90 Nasdaq -0.32% 4,994.73 / -16.24 S& P -0.61% 2,091.50 / -12.92 Wall Street down for second straight day energy weak U.S. stocks fell for a second straight session on Tuesday, with equities maintaining a tight range that corresponded with currency fluctuations as traders focused on the dollar' s strength and its possible effect on corporate earnings. Data from home sales to inflation and manufacturing indicated the U.S. economy remains strong, but failed to alter expectations of a faster or steeper monetary policy tightening path at the Federal Reserve. Traders have honed in on how the Fed will react to economic data, as a June interest rate increase remains a possibility. Stocks have been inversely correlated to the U.S. dollar and several multinational companies have given earnings forecasts that cited a negative impact from a strong greenback. " I don&rsquo t think there is a tremendous amount of trepidation about earnings season. We will clearly see the impact of lower energy prices as well as the stronger dollar," said David Lefkowitz, Senior Equity Strategist at UBS in New York. " Those two factors are fairly well-known, so I don&rsquo t expect it is going to be much in the way of a surprise for most companies when they do report earnings, but clearly those temporary factors are going to weigh on the growth for the first quarter." The S& P energy index .SPNY lost 0.8 percent as Brent crude LCOc1 settled down 1.5 percent at $55.11 a barrel after the dollar gained ground against the euro EUR=. The dollar index .DXY zigzagged between gains and losses against a basket of major currencies and was up 0.14 percent on the day. The Dow Jones industrial average .DJI fell 104.9 points, or 0.58 percent, to 18,011.14, the S& P 500 .SPX lost 12.92 points, or 0.61 percent, to 2,091.5 and the Nasdaq Composite .IXIC dropped 16.25 points, or 0.32 percent, to 4,994.73. Declines on the Nasdaq were tempered by a boost from Google (GOOGL.O), up 2.2 percent to $577.54. Morgan Stanley' s (MS.N) chief financial officer is leaving the bank to join Google. Biotechs were down for a second straight session, pulled lower by a 2.4 percent drop in Biogen (BIIB.O) to $452.71. The Nasdaq biotech index .NBI is down 2.9 percent in the past two sessions after snapping an eight-day winning streak. Whiting Petroleum Corp (WLL.N) plunged 19.5 percent to $30.91. North Dakota' s largest oil producer announced an offering of 35 million shares and a $1.75 billion mix of notes and convertible notes to help cut its near-$6 billion debt load. Volume was light, with about 5.29 billion shares traded on U.S. exchanges, below the 6.8 billion average so far this month, according to BATS Global Markets. Declining issues outnumbered advancing ones on the NYSE by 1,708 to 1,317, for a 1.30-to-1 ratio on the Nasdaq, 1,415 issues fell and 1,284 advanced, for a 1.10-to-1 ratio favoring decliners. The S& P 500 posted 22 new 52-week highs and 1 new low the Nasdaq Composite recorded 104 new highs and 22 new lows. |
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hlfoo2010
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24-Mar-2015 21:52
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Germanwings airliner 4U 9525 crashes in French Alps
An Airbus A320 airliner has crashed in the French Alps between Barcelonnette and Digne, French aviation officials and police have said. The jet belongs to the German airline Germanwings, a subsidiary of Lufthansa. The plane, flight 4U 9525, had been en route from Barcelona to Duesseldorf with 144 passengers and six crew. French President Francois Hollande said: " The conditions of the accident, which have not yet been clarified, lead us to think there are no survivors." Mr Hollande said the crash was a tragedy, adding that the area was very difficult to access. |
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WanSiTong
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24-Mar-2015 13:24
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Noon Market Singapore stocks pare gains on concerns over China slowdownSINGAPORE (March 24): Singapore shares pared gains as renewed concerns over China' s economic slowdown prompted investors to take some money off risk assets. At 12:11pm (0411 GMT), the Straits Times Index was little changed at 3412.11. It reached as high as 3,422 in the morning. Overall volume was light, with fewer than 500 million shares traded. The flash HSBC/Markit Purchasing Managers' Index for March, released this morning, slipped to 49.2, the lowest in 11 months. The final reading for February was 50.7. " China is still struggling for growth," Richard Jerram, chief economist at Bank of Singapore, wrote in a note today. " The solution to China' s growth problem is reform, rather than short-term policy stimulus," he said. " Unfortunately, improving productivity through economic reform is a challenge that has eluded many countries that successfully negotiate the early stages of economic development." Penny stocks remained active. Among them, Plastoform Holdings rose 12.5% to 0.9 cent, CNA Group climbed 10% to 2.2 cents and YuuZoo Corp put on 5.5% to 29 cents. Among blue chips, Singapore Airlines fell 1.2% to $11.95, Singapore Exchange rose 1.5% to $8.03 and banks were mixed. |
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WanSiTong
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24-Mar-2015 09:28
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Market Preview Singapore shares seen sluggish US stocks end tad lowerSINGAPORE (March 24): A pullback overnight on Wall Street and a period of national mourning for former Prime Minister Lee Kuan Yew, who passed away on Monday, may sap appetite for Singapore shares. The Dow Jones Industrial Average slipped 0.1% to 18,116.04, the Nasdaq Composite gave up 0.2% to 2,104.42 and the Nasdaq Composite shed 0.3% to 5,010.97. In Singapore, the Straits Times Index slipped 0.1% to 3,410.13 yesterday. COMPANIES IN THE NEWS: Genting Singapore ' s Resorts World Sentosa has secured $2.27 billion worth of syndicated credit facilities to refinance loans of $4.19 billion obtained in 2011. Genting Singapore shares rose 0.5% to 95 cents yesterday. Invesco has cut its stake in Noble Group leaving it with 4.85% of the commodities trader, down from 5.08% previously. Noble shares rose 4% to 91 cents yesterday. Hu An Cable Holdings said it expects to report a 2014 loss due to weaker sales and selling prices and various impairments. The China-based wire and cable maker earned RMB64.3 million ($14.4 million) in 2013 and will announce its 2014 results by March 28. Hu An Cable shares were not traded yesterday. They last closed at 2.7 cents. Roxy-Pacific Holdings has formed a joint venture with Australia-based superannuation fund Hostplus to buy a 4.4-ha land parcel in Perth for A$59 million ($63 million). Roxy-Pacific shares were not traded yesterday. They last closed at 53 cents. Equation Summit has signed a contract with China Tobacco Anhui Industrial Corp to provide its patented anti-counterfeiting technology QuickCheck to the tobacco maker. Equation shares ended flat at 0.6 cent yesterday. Jacks International, which distributes health supplements, reported earnings of $436,000 for the 12 months ended Jan 31, reversing a loss of $1.1 million a year earlier. Jacks International shares were not traded yesterday. They last closed at 7.7 cents. |
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brchkho1
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23-Mar-2015 13:25
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Need to wait for the new CEO to come outwith new ideas (hopefully), and patiently wait for implementation, and meanwhile, cross your fingers and pray hard.
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WanSiTong
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23-Mar-2015 13:03
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Noon Market Singapore shares struggle to head higher eyes on US dollar: RabobankMarch 23, 2015 : 12:37 PM SINGAPORE (March 23): Singapore shares held on to gains but struggled to head higher as investors awaited fresh leads.
At 12:21pm (0421 GMT), the Straits Times Index was up 0.2% at 3,419.09. Market breadth was positive with 188 gainers versus 148 decliners. According to Rabobank' s Michael Every, head of Asia financial markets research, global investor sentiment will increasingly hinge on the performance of the US dollar. " Up until now the currency wars theme has been a case of everybody except the US trying to get to the bottom as fast as possible," he wrote in a note. " That view, and consequent US dollar ascendancy, was badly shaken by the FOMC last Wednesday, and on Friday we saw more evidence that the US dollar is on the Fed' s radar at last. " As such, we look to be entering an even more volatile, and potentially dangerous, phase of this currency war......It' s a trend worth watching given it means exporters are once again fighting for a slice of a shrinking global pie." Noble Group was the most active stock in the market, up 3.4% at 90.5 cents, in a sign that the company' s decision to take legal action against parties behind the three Iceberg Research reports has revived investor confidence. Asia Fashion Holdings rose 1.8% to 5.6 cents after the company said it has clinched a RMB381 million ($85.5 million) contract to supply construction materials for two projects undertaken by Beijing Baota Petrochemical, a unit of Baota Group, which specialises in refining and trading gasoline, diesel, petroleum gas and heavy fuel. |
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hlfoo2010
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23-Mar-2015 09:20
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Based on MY exp during the AGM, Noble group must learn fast - not only tranparent - respect SIngapore investor question or qurries, stright Q just give Straight answer. I not interested who is ICEcarchan ?? - Noble directors or mgrs dont sit down when 60%shareowner small or big no place to sit or siting on coridoor floor ??? |
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WanSiTong
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23-Mar-2015 09:06
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Any upside to Singapore shares may be modest March 23, 2015 : 8:27 AM SINGAPORE (March 23): Any boost to local shares from Wall Street' s rally last Friday may be limited as investors are likely to keep an eye on economic data from abroad and in Singapore before putting more to work.
Singapore' s inflation data for February will be released at 1:00pm (0500 GMT) today. The Dow Jones Industrial Average rose 0.9% to 18,127.65, the S& P 500 climbed 0.9% to 2,108.10 and the Nasdaq Composite put on 0.7% to 5,026.42 last Friday. In Singapore, the Straits Times Index rose 0.8% to 3,412.44 last Friday. COMPANIES IN THE NEWS: Noble Group " substantially understates" its debt and does not have truly independent board directors to help protect the interest of its minority shareholders, Iceberg Research said in its third report against the Hong Kong-based commodities trader. Noble Group says it will commence legal action against Arnaud Vagner, a resident in Hong Kong, and Enlighten Ace, a Seychelles firm, for " conspiracy to injure" the company. Noble shares rose 2.9% to 87.5 cents last Friday. Centurion Corp has put on hold a plan to float some of its properties through a REIT listing. Centurion shares rose 0.9% to 54 cents last Friday. Loyz Energy will raise net proceeds of $13.6 million by placing out 146.9 million new shares at 9.5 cents each. Loyz shares last closed at 10.1 cents. Cambridge Industrial Trust (CIT ) has acquired full control of an industrial property in Tuas in a move that will add 320,000 sq ft of gross floor area to its portfolio. The REIT paid $11 million for the remaining 40% stake in Cambridge SPV1 LLP it did not previously own. Cambridge SPV1 was a co-owner of 3 Tuas South Avenue 4, a three-storey warehouse, manufacturing and distribution facility situated within the JTC Tuas Biomedical Park. CIT shares ended flat at 69.5 cents last Friday. GSS Energy, previously known as Giken Sakata says one of its oil fields in Indonesia is estimated to have about 32.8 million barrels of oil. GSS shares ended flat at 22 cents last Friday. Asia Fashion Holdings has secured a contract worth RMB381 million ($85.5 million) to supply construction materials for two projects undertaken by Beijing Baota Petrochemical. Asia Fashion shares fell 3.5% to 5.5 cents last Friday. |
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darocupcake
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22-Mar-2015 18:21
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alot of sg stock heavily oversold but look at what sgx has done. practically they done nothing n that stupid circuit breaker is useless dunno which smart alec suggested and implemented it
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brchkho1
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22-Mar-2015 12:51
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I think the falling volume is affected by the profile of players in the market. In the early years when the market is less sophisticated, the older ones with $$ are calling remisiers for share prices or based on Teletext to decide on their deals. I suspect they are no longer in the market as the market changes are too fast for them to catch up as they are not well verse in IT. I knew of a few who have scaled down the activities or totally retired from the market. Besides, shortists are so active in the market to short the price down, that drive investors who long the market away. May be it' s time for SGX to relook at the regulatory framework.
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WanSiTong
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21-Mar-2015 09:13
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Wall St. rises on Nike, lower dollar Nasdaq hits 15-year high U.S. stocks rose on Friday, pushing the Nasdaq to a 15-year high and helping the S& P 500 snap a three-week string of losses, following a pullback in the dollar, upbeat results from Nike and further biotech gains. Recent sharp gains in the U.S. dollar .DXY have increased worries about the currency' s impact on the earnings of U.S. multinationals. S& P 500 earnings projections for the first quarter and for 2015 have fallen sharply since Jan. 1. Among early reporters, Nike (NKE.N) jumped 3.7 percent to $101.98 as the biggest boost to the Dow after it posted a quarterly profit that beat market estimates. The world' s largest sportswear maker sold more higher-margin shoes and apparel but warned that the stronger dollar would take a toll on its current quarter. Energy led gains in the S& P 500, with the S& P energy index .SPNY ending up 1.4 percent following a 4 percent rise in U.S. crude oil CLc1. Stocks trimmed gains ahead of the close, dragged down by a 1.3 percent fall in Apple (AAPL.O), which began trading in the Dow on Thursday. Largely behind this week' s gains was Wednesday' s Federal Reserve statement, which signaled a less aggressive approach to raising interest rates than investors had expected. " The Federal Reserve' s created a situation where there' s very little alternative to equities, so the path of least resistance for stocks will be up for a period of time," said Robert Lutts, president, chief investment officer at Cabot Money Management in Salem, Massachusetts. The Dow Jones industrial average .DJI rose 168.62 points, or 0.94 percent, to 18,127.65, and the S& P 500 .SPX gained 18.83 points, or 0.9 percent, to 2,108.10. The Nasdaq Composite .IXIC added 34.04 points, or 0.68 percent, to 5,026.42, a 15-year high. The dollar .DXY was off 1.5 percent against a basket of major currencies. For the week, the Dow gained 2.1 percent while the S& P 500 rose 2.7 percent, both snapping a three-week run of losses. The Nasdaq ended up 3.2 percent. The Nasdaq ended just 22 points from its record closing high, while the S& P 500 ended less than 10 points below its record close. The Nasdaq biotech index .NBI rose for an eighth straight session, gaining 7.4 percent since March 10. It climbed 0.5 percent on Friday, powered by a 9.8 percent climb in Biogen Idec (BIIB.O) to $475.98 after the company said its experimental drug became the first Alzheimer' s treatment to significantly slow cognitive decline and reduce brain plaque in patients with early and mild forms of the disease. Tiffany & Co. (TIF.N) shares lost 4 percent to $82.93 after the upscale jeweler said quarterly sales fell for the first time in five years and are expected to decline further in the current quarter. Friday also marked the expiration of stock options, index options, index futures and single-stock futures, known as quadruple witching. Advancing issues outnumbered declining ones on the NYSE by 2,452 to 632 on the Nasdaq, 1,661 issues rose and 1,116 fell. Volume was high. About 9.9 billion shares changed hands on U.S. exchanges, compared with the 6.6 billion daily average for the month to date, according to data from BATS Global Markets. |
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