Rocky week ends with new highs on US markets

US stocks stumbled through the week on a mix of dull earnings and weak forecasts before encouraging data from both Beijing and Washington edged the indices to fresh multi-year highs on Friday.

The catalyst for Friday's jump was a sharply narrowed US trade deficit in December -- driven by both lower oil imports and rising oil exports -- that pointed to a better economy in the 2012 fourth quarter than data has suggested.

The government's first estimate for the quarter was an 0.1 percent contraction, a surprise figure that took the wind out of markets after it came out on January 30.

The smaller trade deficit "implies positive GDP growth for the fourth quarter," said economist Harm Bandholz of UniCredit.

China's January trade and inflation data also boosted markets: its trade surplus gained and inflation was down, adding to evidence the world's number two economy is emerging from a drawn-out slowdown.

"These data suggest that external and domestic demand are both strong, which supports our view that the economy is on track for a cyclical recovery in the first half," said Zhang Zhiwei, a Hong Kong-based economist with Nomura International.

Friday's gains took the S&P 500 to its highest level since November 2007, hitting 1,517.93, though up a mere 0.3 percent for the week. It was still well shy of the all-time closing high of 1,564.15, reached on October 9, 2007 before the crash.

The Dow Jones Industrial Average closed at 13,992.97, down 0.1 percent for the week, but only after powering past the 14,022 level during trade Friday, its highest level in five years as well.

And the Nasdaq picked up 0.5 percent in the week, ending at 3,193.87. The tech-dominated exchange last saw Friday's level in 2000 as markets plunged into the dot-com crash.

"The two factors pushing the market higher are funds flows and the Fed," said Peter Cecchini of Cantor Fitzgerald.

The Federal Reserve is holding to its ultra-low interest rate, easy money policy, leaving savers with little place otherwise to put their money.

"So clearly the stock market has some pretty impressive tailwinds generated by the Fed. But we might expect a little bit of a pullback, to take a breather," Cecchini said.

Other analysts also saw a pause ahead, with earnings season winding up and little clear direction in the economies of both the United States and Europe.

"As the broad markets attempt to break free of this recent congestion, the volatility in Europe and retail sales could steal the headlines next week," said Joe Bell of Schaeffer's Investment Research.

Also looming was the massive snowstorm blasting through the US Northeast, which could tame some trading activity in the coming week after a blizzard halted air traffic in New York.

The markets face US political headwinds through the rest of February: the fight between Democrats and Republicans over whether to implement $85 billion in budget cuts, the sequester, programmed to come into effect at the end of the month.

If allowed to go ahead, the sequester would crunch economic growth, even as the improved the country's fiscal deficit.

President Barack Obama wants more tax increases included in a compromise plan, but Republicans are balking.

"It seems likely that the sequester will take effect on 1 March," said Nomura in a research note.

"The initial effect on economic activity should be modest, but it will grow if the cuts remain in effect for more than a few weeks."

Key data releases covering January in the coming week include retail sales (Wednesday), industrial production (Friday) and consumer sentiment (Friday).

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Canada PM Trudeau to mount charm offensive in China: officials
    Canada PM Trudeau to mount charm offensive in China: officials AFP News - 11 minutes ago

    Canadian Prime Minister will tour the Great Wall, shoot hoops with retired basketball star Yao Ming and host a roundtable of women entrepreneurs when he travels to China next week to bolster trade and diplomatic ties, his office said Friday. There … More »

  • Dollar up on Yellen's case for U.S. rate hike; stocks surrender gains
    Dollar up on Yellen's case for U.S. rate hike; stocks surrender gains Reuters - 11 minutes ago

    U.S. stocks gave up early gains in choppy trading on Friday, hurt by a surging U.S. dollar as investors grappled with the possible timing of an interest rate hike after comments from several Federal Reserve officials, including Chair Janet Yellen. … More »

  • Canada's peacekeeping pledges will have a 'big impact': UN
    Canada's peacekeeping pledges will have a 'big impact': UN AFP News - 26 minutes ago

    The United Nations on Friday applauded Canada's decision to commit 600 troops and funding to peacekeeping, saying it will have a big impact. UN officials will quickly begin talks with Ottawa to nail down the specific details of the contribution, … More »

  • Morales sees 'conspiracy' in Bolivia minister's murder
    Morales sees 'conspiracy' in Bolivia minister's murder AFP News - 27 minutes ago

    Bolivian President Evo Morales said Friday there was a "political conspiracy" against his government after protesting miners allegedly kidnapped, tortured and beat to death a deputy minister who tried to negotiate with them. Defense Minister Reymi … More »

  • Yellen's case for rate hike boosts dollar; stocks surrender gains
    Yellen's case for rate hike boosts dollar; stocks surrender gains Reuters - 55 minutes ago

    U.S. equities gave up early gains on Friday, hurt by a surging U.S. dollar after Federal Reserve Chair Janet Yellen said that the case for raising U.S. interest rates has strengthened in recent months. European stocks advanced, however, while oil … More »

  • Oil steady in volatile session, on track for weekly loss
    Oil steady in volatile session, on track for weekly loss Reuters - 1 hour 2 minutes ago

    Oil prices were largely unchanged on Friday in a volatile session, as traders reacted to comments from Fed Chair Janet Yellen and reports of missile activity in Saudi Arabia. The market was taking its cues from the movement in the dollar, which has … More »

  • Stocks slip into losses in the afternoon after Yellen speech
    Stocks slip into losses in the afternoon after Yellen speech Associated Press - 1 hour 3 minutes ago

    Stocks were mostly lower on Wall Street in afternoon trading on Friday, giving up modest gains following a generally upbeat assessment of the economy from Fed Chair Janet Yellen. Phone companies and utilities, ... … More »

  • 11 Turkish police killed in PKK suicide bombing
    11 Turkish police killed in PKK suicide bombing AFP News - 1 hour 18 minutes ago

    The outlawed Kurdistan Workers' Party (PKK) on Friday claimed a suicide truck bombing on a police building in Turkey's southeast that killed 11 officers and wounded dozens more. The blast came two days after the Turkish army launched an offensive … More »

  • Stada shareholder AOC says wants board change not break up
    Stada shareholder AOC says wants board change not break up Reuters - 1 hour 25 minutes ago

    Stada shareholder Active Ownership Capital (AOC) is looking to replace most of the German drugmaker's supervisory board on Friday but has no desire to break up the 120-year-old company, one of its founding partners said. AOC wants to replace six of … More »

  • Wall Street declines after Fischer's hawkish stance on rates
    Wall Street declines after Fischer's hawkish stance on rates Reuters - 1 hour 32 minutes ago

    Wall Street reversed course to trade lower on Friday afternoon after hawkish comments from Federal Reserve Vice Chair Stanley Fischer raised the specter of a rate hike as soon as next month. Fischer's comments came shortly after Fed Chair Janet … More »

  • Upbeat Yellen sees markets stir, but Dow drifts
    Upbeat Yellen sees markets stir, but Dow drifts AFP News - 1 hour 37 minutes ago

    European stock markets stirred Friday at the end of a tranquil week as Federal Reserve chief Janet Yellen indicated there was a case for raising US interest rates. Market watchers had been waiting for Yellen to show her hand in an address to an … More »

  • British economy escapes Brexit blow, for now
    British economy escapes Brexit blow, for now Reuters - 1 hour 45 minutes ago

    Britain's high streets are heaving with shoppers despite June's shock vote to leave the European Union, big companies have reported few signs of distress and some tabloid newspapers are even talking about a post-Brexit economic boom. The … More »

  • RUBBER-Tokyo futures prices after evening session Aug 26 Reuters - 2 hours 7 minutes ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Aug 2016. Contract Day Volume Evening Volume * Aug 154.1 13 153.9 3 * Sep 155.6 41 156.5 66 * Oct 151.8 ... … More »

  • TABLE-INDONESIA KPB NUSANTARA PALM OIL PRICES - Aug 26 Reuters - 2 hours 7 minutes ago

    Aug 26 (Reuters) - Following are Indonesian prices for crude palm oil (CPO) quoted at an auction by PT KPB Nusantara (formerly known as the state marketing centre) on Monday. Buyer Volume Price Terms (tonnes) ... … More »

  • Google hires Airbnb exec to commercialize self-driving cars Reuters - 2 hours 15 minutes ago

    Alphabet Inc's Google self-driving car project took a step closer to market with the hire of a top executive from Airbnb, the online vacation home rental marketplace. Shaun Stewart is joining Google as a director of the self-driving car project, … More »

  • Global Economy Weekahead - U.S. jobs data to test case for rate hike
    Global Economy Weekahead - U.S. jobs data to test case for rate hike Reuters - 2 hours 18 minutes ago

    U.S. jobs data top economic readouts from around the world next week as global markets begin to return to business as usual following a typically quiet August with the calm broken on Friday by comments from Federal Reserve Chair Janet Yellen. … More »

  • FTSE gains after Yellen comments, Glencore rallies
    FTSE gains after Yellen comments, Glencore rallies Reuters - 2 hours 18 minutes ago

    Britain's top share index rose on Friday after Federal Reserve Chair Janet Yellen indicated that a U.S. interest rate rise could come later this year, a relief for investors after last week's hawkish comments from some Fed policymakers. The blue … More »

  • Tribe trucks totem pole 4,800 miles in fossil fuels protest
    Tribe trucks totem pole 4,800 miles in fossil fuels protest Associated Press - 2 hours 19 minutes ago

    A Pacific Northwest tribe is traveling nearly 5,000 miles across Canada and the United States with a 22-foot-tall totem pole on a flatbed truck in a symbolic journey meant to galvanize opposition to fossil ... … More »

  • Oil falls as Saudi Arabia douses expectations for output freeze
    Oil falls as Saudi Arabia douses expectations for output freeze Reuters - 2 hours 21 minutes ago

    Oil eased on Friday, on course for its largest weekly decline in a month after the Saudi energy minister watered down expectations that the world's largest producers might agree next month to limit their output. Members of the Organization of the … More »

  • AXA prevails after U.S. trial on excessive fund fees Reuters - 2 hours 23 minutes ago

    U.S. District Judge Peter Sheridan in Trenton, New Jersey, said late Thursday that the investors did not show that AXA breached its fiduciary duties by keeping most fees charged for mutual fund investments and back-office duties, while remitting … More »

  • Markets Right Now: Stocks slip on Wall Street Associated Press - 2 hours 29 minutes ago

    The latest on developments in global financial markets (all times local): 11:55 a.m. Stocks were mostly lower on Wall Street at midday, giving up a modest gain following a generally upbeat assessment of ... … More »

  • Erdogan, Putin agree to step up aid for Syria's Aleppo
    Erdogan, Putin agree to step up aid for Syria's Aleppo AFP News - 2 hours 29 minutes ago

    Turkish President Recep Tayyip Erdogan and Russian counterpart Vladimir Putin on Friday agreed to step up efforts to ensure humanitarian aid reaches citizens in Syria's conflict-torn northern Aleppo province. In telephone talks "the two leaders... … More »

  • German Finance Ministry critical of ECB bond purchases - Spiegel Reuters - 2 hours 33 minutes ago

    The German Finance Ministry is critical of the effects the European Central Bank's asset-purchase programme is having on bond markets, magazine Der Spiegel reported on Friday, citing an internal draft from the ministry. The ECB is buying 80 billion … More »

  • U.S. jobs data to test case for rate hike
    U.S. jobs data to test case for rate hike Reuters - 2 hours 42 minutes ago

    U.S. jobs data top economic readouts from around the world next week as global markets begin to return to business as usual following a typically quiet August with the calm broken on Friday by comments from Federal Reserve Chair Janet Yellen. … More »

  • Rating firm DBRS considering European office as Brexit insurance Reuters - 2 hours 54 minutes ago

    The London-based credit-rating agency DBRS says it will need to open a new office in mainland Europe if Britain's vote to leave the European Union affects its business in the EU. A new office may be required to maintain an EU licence, which DBRS … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.129+0.001+0.78%
    N21.SI
    1.855-0.040-2.11%
    MC0.SI
    2.84+0.02+0.71%
    C52.SI
    4.22-0.05-1.17%
    Z74.SI
    0.58-0.01-1.69%
    5TP.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.29+0.08+38.10%
    5VI.SI
    0.36+0.07+22.03%
    BPF.SI
    0.192+0.030+18.52%
    AYD.SI
    0.27+0.04+17.39%
    BLU.SI
    0.40+0.05+14.29%
    BFK.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.055-21.15%
    BTJ.SI
    0.34-0.06-15.00%
    BCD.SI
    0.39-0.06-13.33%
    AYB.SI
    0.31-0.04-11.43%
    5VP.SI
    0.24-0.02-9.43%
    BAZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3586+0.0056+0.41%
    USDSGD=X
    1.5221-0.0046-0.30%
    EURSGD=X
    1.7842-0.0001-0.01%
    GBPSGD=X
    74.8920+0.647+0.87%
    SGDJPY=X
    5.7073-0.0209-0.36%
    SGDHKD=X
    2.9614-0.0026-0.09%
    SGDMYR=X
    9,759.4238-59.1611-0.60%
    SGDIDR=X
    4.9105-0.0098-0.20%
    SGDCNY=X
    1.0279-0.0027-0.26%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.10+0.50+0.04%
    GCZ16.CMX
    18.60+0.12+0.63%
    SIU16.CMX
    95.07-1.44-1.49%
    ^XAU
    2.080.00+0.05%
    HGU16.CMX
    47.74+0.41+0.87%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.22+0.07
    ^FVX
    1.62+0.05
    ^TNX
    2.29+0.02
    ^TYX