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| 10-Oct-2013 04:41 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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U.S. Stocks Rise on Yellen Pick as Lawmakers Seek DealBy Lu Wang & Aubrey Pringle - Oct 10, 2013 4:01 AM GMT+0800
U.S. stocks rose, after the benchmark index?s biggest two-day slump since June, amid optimism that Janet Yellen will not rush to withdraw stimulus and signs that lawmakers could raise the debt ceiling. The Standard & Poor?s 500 Index climbed 0.1 percent to 1,656.49 at 4 p.m. in New York ?Today?s reaction is favorable based on Yellen?s nomination, and secondly there seems to be some thawing of the rhetoric which sets the stage for a resolution that could come before the deadline,? Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said in a phone interview from Minneapolis. He helps oversee $112 billion. ?That?s positive for the broad equity market.? The S& P 500 retreated 2.1 percent over the previous two days as concern grew that lawmakers may not raise the federal debt ceiling in time to avoid a government default. Economists say failure by the world?s largest borrower to pay its debt will devastate stock markets from Brazil to Zurich and throw the U.S. and world economies into a recession. The S& P 500 erased an earlier loss of as much as 0.5 percent today and the Dow rallied after touching its lowest level since June as some possible paths out of the partisan impasse in Washington are starting to emerge. President Barack Obama opened the door to talks with Republicans on topics from health care to entitlement programs if they end the debt-limit impasse. House Republicans will send a small group of negotiators to the White House tomorrow, Brendan Buck, spokesman for House Speaker John Boehner, said in an e-mail. Yellen NominationThe U.S. government is in the ninth day of a partial shutdown and just over a week before U.S. borrowing authority lapses Oct. 17. Obama nominated Yellen, the current Fed vice chairman and an architect of its stimulus program, to succeed Ben S. Bernanke as chairman. As a top deputy to Bernanke, whose term expires Jan. 31, Yellen supported the central bank?s bond-buying programs that have helped propel the S& P 500 up as much as 155 percent from a 12-year low in March 2009. Most Fed policy makers said the central bank was likely to reduce the pace of its bond purchases this year, according to minutes released today of their last meeting, which took place before the government shutdown. At the Sept. 17-18 gathering, officials unexpectedly maintained the pace of its monthly purchases. That decision pushed the S& P 500 to a record close of 1,725.52. The gauge retreated 4.1 percent through yesterday since then. ?Thin? Likelihood?If you read the minutes with blinders on what?s going on in Washington, you might think the next meeting in October is on the table for tapering to start, but obviously given what we?re dealing with the debt ceiling, that likelihood is extremely thin,? Liz Ann Sonders, New York-based chief investment strategist at Charles Schwab Corp., said in a phone interview. Her firm has $2.08 trillion in client assets. The government shutdown has delayed the release of economic data, including the Labor Department?s monthly payrolls report, which was due Oct. 4. The lack of data is making it harder for Fed policy makers to assess the health of the economy as they consider when to start paring unprecedented monetary stimulus. Central bankers next convene Oct. 29-30. |
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| 10-Oct-2013 04:36 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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World MarketsNorth and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 0.45% and the S& P 500 rose 0.06%. The IPC lost 0.13%.
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| 09-Oct-2013 22:05 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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3 reasons why Fed may not taper until 2014October 9, 2013: 8:40 AM ET NEW YORK (CNNMoney)
When it comes to the government shutdown and possibility of a debt default, the Federal Reserve can't save the day -- but that may not stop it from trying to soften the blow to the U.S. economy.It is becoming increasingly likely the Fed will keep its stimulus program in place longer than many expected. Since last September, the Fed has been buying $85 billion in bonds each month in an effort to lower long-term interest rates, particularly on mortgages. Many economists once thought the Fed would start gradually reducing that program this year -- a process that has come to be known as " tapering." But now some are saying the Fed may wait another five months before it begins to wind it down. Here are three reasons why the Fed may keep its stimulus in place. Shutdown weighs on economic growth: The longer the government shutdown continues, the worse the impact will be on the economy. Economists at Moody's Analytics estimate the shutdown could cost the economy about $50 billion, if it drags on for three or four weeks. That's roughly equal to the amount of growth lost due to Hurricane Katrina and Superstorm Sandy combined. The impact becomes much larger if the debt ceiling isn't raised and the government defaults on its debt. " Lingering uncertainty - let alone a fiscal accident - would raise the chances that the Fed does not taper until next year," said Ethan Harris, global economist for Bank of America Merrill Lynch in a research note. Where's the data? Fed officials have stressed that they're basing their decisions entirely on economic data. If the data indicate that the economy (particularly the job market) is improving at a pace the Fed finds comfortable, they will slowly start reducing the size of the monthly bond purchases. If not, they will continue the purchases at full blast. But what if the data doesn't exist in the first place? Federal agencies like the Labor Department and Commerce Department are not conducting their usual surveys or releasing reports during the shutdown. When the Federal Reserve next meets on October 29-30, it may not have the latest data on either the unemployment rate or inflation -- the two key areas of the economy that the central bank is charged with managing. Related: Fed taper won't cause another financial crisis in Asia Now that the shutdown has continued into the second week of the month, it's possible the October jobs report will be delayed too. The Bureau of Labor Statistics usually conducts its surveys during the week including the 12th. The lack of data will " make it difficult for the Fed to assess the state of the economy at a time when growth is already undershooting expectations," said Craig Alexander, TD Economics chief economist, in a research note. " Our view is that the central bank will likely not taper asset purchases until early next year." Fed leadership changes in January: Some economists, like Deutsche Bank's Joe LaVorgna, still believe the Fed may taper at its December meeting. If it doesn't make the move then, however, LaVorgna thinks the Fed may hold off on any major decisions at its January meeting and wait until March instead. Why? Ben Bernanke's term as head of the Federal Reserve ends on January 31. It's unlikely the central bank would want to implement such a big change in policy when a new chair is about to come on board, said Sam Bullard, Wells Fargo senior economist. Related: Bill Gross: Get used to low rates 'for decades' Those aren't the only changes either. Three positions on the Fed's board of governors could be filled by newcomers, and four regional presidents will rotate into voting roles. This new team of policymakers isn't scheduled to have their first meeting until March 19. So investors might want to forget about an Octaper, Dectaper or even a Janutaper. 
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| 09-Oct-2013 20:37 |
Tiong Woon
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Tiong Woon
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Tiong Woon Corp - completed the sale of their loss making shipyard in Bintan yesterday 
■ Tiong Woon Corp (TWC) has finally completed the sale of their loss making shipyard in Bintan yesterday.
■ This is a very positive development as the shipyard lost close to $3mln last year and was sold for $18mln, reaping them a one-time gain of $2.7mln.
■ TWC?s cash holdings will be increased by 75% from $24mln to $42mln.
■ Net gearing will improve from 33% to a healthy 25%.
■ This will come in handy to fund the company?s expansion plans as management seeks to expand into the Iskandar region to capitalize on the region?s expected construction boom over the next few years.
■ As well, management is contemplating expanding their Singapore facilities as their current operating space is getting tight based on their current runrate and orders.
■ This is because a key customer of TWC, Rotary Engineering has secured a record order book of just over $1bln, which is expected to be delivered over the next 2 years.
■ Other oil related customers such as Total, Sinopec and Shell are also expanding aggressively in Tuas (Singapore Lube Park).
■ After the sale of the loss making yard, this year (ending June?14) will benefit from the absence of close to $3mln in operating losses attributed to the yard.
■ This will see TWC easily achieving our 25% net profit growth projection for full year ending June?14 of $22.5mln, translating to a forward PE of 7x.
■ This is undemanding relative to its growth prospects of 25% as well as peers such as Tat Hong?s 10x and Hiap Tong?s 9x. ■ TWC?s NTA of 52 cents means its price to book is only 0.65x and we note that its assets have not been re-valued and are kept at historical cost.
■ If TWC can trade up to its peer group average PE of 9.5x, there is potentially an upside of 36% to 46 cents, which would still put it at a discount to its NTA of 52 cents.
■ We maintain BUY. (Read Report)
FURTHER ANNOUNCEMENT ON THE PROPOSED DISPOSAL OF 100% INTEREST IN A WHOLLY-OWNED SUBSIDIARY http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_BF101020BA3F4FC448257B810041C707/$file/TWCH_SPA_5June2013.pdf?openelement
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| 09-Oct-2013 06:36 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Tech stocks crushed as debt deadline loomsOctober 8, 2013: 4:36 PM ET 
Click chart for more markets data NEW YORK (CNNMoney)
Stocks had another bad day Tuesday as investors became increasingly nervous about a looming debt ceiling crisis.The Dow Jones Industrial Average and the S& P 500 both ended the day down more than 1%. But tech stocks were hit particularly hard. The Nasdaq lost 2%. Only a handful of Nasdaq stocks ended higher for the day. Meanwhile, many momentum stocks that have helped push the Nasdaq up more than 20% dropped sharply Tuesday. Yahoo (YHOO, Fortune 500), Tesla (TSLA), Priceline (PCLN), Netflix (NFLX), Facebook (FB) and LinkedIn (LNKD) all fell between 3% and 7%. CNNMoney's Fear & Greed Index now shows that Extreme Fear is driving the market. In another unsettling sign, yields on short-term Treasury bills have skyrocketed in the past few days. That may reflect growing worries from bond investors that the U.S. could actually default on some of its obligations. Related: Fear & Greed Index plunges into Extreme Fear Tuesday marked the eighth day of the government's shutdown. While the Dow has dropped more than 300 points in that time, the markets are actually performing better than many had expected. All three major indexes remain up more than 12% for the year. Despite heated posturing, many experts think the Democrats and Republicans will be able to reach a last-minute agreement to raise the debt ceiling before October 17 and avoid a default. Political brinksmanship is nothing new for today's markets, said Mark Luschini, chief investment strategist at Janney Montgomery Scott. For example, he noted that despite " a lot of bluster" about the fiscal cliff last year, the stock market ultimately held up well. European markets finished broadly lower Tuesday, led by a more than 1% decline in London's FTSE 100, while Asian markets ended with gains. The Shanghai Composite index jumped 1% after investors returned from a long holiday |
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| 09-Oct-2013 06:33 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Oh NO !! World MarketsNorth and South American markets finished broadly lower today with shares in Mexico leading the region. The IPC is down 1.32% while U.S.'s S& P 500 is off 1.23% and Brazil's Bovespa is lower by 0.20%.
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| 08-Oct-2013 20:43 |
Falcon Energy
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Falcon Energy
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The Board of Directors of FALCON ENERGY GROUP LIMITED (" the announce that the number of issued ordinary shares of the Company has increased from 814,193,370 ordinary shares (excluding treasury shares) to 814,688,370 ordinary shares (excluding treasury shares) by way of the allotment and issue of 495,000 new ordinary shares pursuant to the exercise of 495,000 warrants at the exercise price of $0.40. These new shares rank pari passu in all respects with the existing shares of the Company, and they were listed and quoted on the Singapore Exchange Securities Trading Limited on 7 October 2013.
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| 08-Oct-2013 17:40 |
Straits Times Index
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Asian Stocks Gain First Time in Three Days on UtilitiesBy Yoshiaki Nohara - Oct 8, 2013 4:25 PM GMT+0800
Asian stocks rose for the first time in three days, with the regional benchmark index advancing from a three-week low as utilities and developers gained.
Regional StocksJapan?s Topix index erased losses to climb 0.2 percent today. South Korea?s Kospi index rose 0.4 percent. New Zealand?s NZX 50 Index fell 0.4 percent, while Australia?s S& P/ASX 200 Index slid 0.2 percent even as data showed business confidence surged last month to the highest in 3 1/2 years. Hong Kong?s Hang Seng Index (HSI) gained 0.9 percent. Singapore?s Straits Times Index rose 0.4 percent, and Taiwan?s Taiex index added 0.5 percent. The Shanghai Composite Index advanced 1.1 percent. Futures on the Standard & Poor?s 500 Index added 0.1 percent after the gauge slumped 0.9 percent to a one-month low yesterday. Without an increase in the debt limit, the U.S. will exhaust its borrowing authority on Oct. 17 and would run out of funds to pay all of its bills sometime between Oct. 22 and Oct. 31, according to the Congressional Budget Office. |
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| 08-Oct-2013 13:40 |
Straits Times Index
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Singapore shares rise for the first time in a week: Reuters
Singapore shares rose on Tuesday for the first time in a week, in line with regional peers, though the U.S. government shutdown, now in its second week, weighed on the market and kept investors on tenterhooks. The benchmark Straits Times Index rose 0.3 percent to 3,147.62 points, in line with a 0.2 percent gain in MSCI's broadest index of Asia-Pacific shares outside Japan. ... " Our view that STI at 3,100 offers bargain-hunt opportunities on the presumption that US does not go into default stays valid," said analysts at DBS Vickers Securities. The top two performers on the index included Jardine Cycle & Carriage Ltd, whose shares rose over 3 percent, and Global Logistic Properties Ltd, which gained more than 2 percent. Blumont Group Ltd shares, which tumbled 85 percent after the Singapore Exchange lifted a trading suspension on Monday, jumped 62 percent to S$0.21, after the company named a new chairman. Steel trader and manufacturer Albedo Ltd rose 40 percent to S$0.042, after the company announced more details on a S$774 million takeover by a company controlled by Malaysian businessman Danny Tan in a deal that will see Albedo join international property developers buying up land in Malaysia's Iskandar region. |
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| 08-Oct-2013 11:17 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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China services industry growth slows in Sept- HSBC PMI: Reuters
Growth in China's services industry slowed in September and optimism over the business outlook weakened, a private survey showed on Tuesday, indicating that the nascent recovery in the world's No.2 economy is likely to remain a slow one. The Markit/HSBC services PMI for September dipped to 52.4 from August's 52.8, still well above the 50 line that separates expansion from contraction. A rise in new business offset a decline in new orders, the survey said. ... The reading is in contrast to China's official services PMI, released last week, which showed the sector expanded at the fastest pace in six months in September as demand grew. The official PMI rose to 55.4 in September from August's 53.9. The two surveys differ in that the official one is more weighted towards bigger and state-owned firms while the Markit/HSBC one looks more at smaller private firms, pointing to the possibility of a two-tier recovery. The services industry, which has so far weathered the global slowdown much better than the factory sector, is an increasingly important pillar in China's economy, especially as the government seeks to expand domestic consumption to drive growth. Services accounted for about 45 percent of the economy in 2012 and is the biggest employer in China. The survey showed that business expectations weakened over the month, with respondents citing muted client demand. China has unveiled plans to open up its largely sheltered services sector to foreign competition and to test financial reforms in a new free trade zone in Shanghai. Tuesday's survey followed a pair of PMIs which showed slower-than-expected expansion in activity China's factory sector in September. The official manufacturing PMI edged up to 51.1 from 51.0 in August, while the final Markit/HSBC PMI inched up to 50.2 from August's 50.1. |
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| 08-Oct-2013 11:16 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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NEWS HEADLINES
- US stocks declined on Mon, with the S& P 500 index closing at a four-week low, as a stalemate on Capitol Hill over preventing a government default persisted. - Boustead Singapore said that the value of contracts secured by the group since Apr has topped the S$300m mark, surpassing that for the whole of the preceding financial year.... - Phospate miner AsiaPhos' shares closed 58% above its offer price of 25 S cents in its trading debut yesterday, making it the best performing IPO so far this year in percentage terms. - Climate Holding, a special purpose vehicle in which its shareholders have a collective 43% control of Devotion Energy Group, is seeking voluntary delisting of the company. - Catalist-listed Albedo yesterday disclosed additional information on its proposed S$774.14m reverse takeover deal - first announced about two weeks ago. - ICP Ltd announced that it would be selling its factory building and leasehold land at 5 Loyang Drive to Chang Hua Construction Pte Ltd for S$11.8m. |
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| 08-Oct-2013 11:13 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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SE Asian Stocks to Watch: Blumont, Asiasons, LionGold, Inari
MSCI South East Asia Index fell 0.3% yesterday, extending YTD decline to 4.3%. 12 stks trade ex-div., for full list click here.... Singapore * Blumont Group (BLUM SP): To hold press conference at 2pm after shrs plummeted by record 85% yesterday stk?s 3-day 95% drop has erased S$5.83b of co.?s mkt value Alex Molyneux buys 5.2% interest in Blumont, named Chairman co. to make loan facility of up to $8m to Cokal * Asiasons (ACAP SP): Tumbled by record 86% yesterday * LionGold (LIGO SP): Dropped by record 71% has till Nov. 1 to make offer for Minera * Boustead Singapore (BOCS SP): Unit gets S$38m contracts * Genting H.K. (GENHK SP): Enters 707.2m Euro shipbuilding contract * Global Logistic (GLP SP): Leases 17,000 sq. meters to a sporting co. in Tokyo * ICP (ICP SP): Requests lifting of trading halt * Mencast (MCAST SP): Unit gets 3-yr contract from Shell Refining * Mirach (MENR SP): Not aware of reasons for drop in shrs shrs fell 28% yday * Otto Marine (OTML SP): Sale of all interest in Otto Limin Marine Private * Sunmoon Food (SMOON SP): Chairman steps down * Superbowl (BOWL SP): Seeks to lift trading halt in Singapore Hiap Hoe (HIAP SP) to offer S$0.75/Superbowl shr in cash * United Envirotech (UENV SP): Issues S$15m, 7.25% fixed rate notes due 2016 * Highest short sales as a percentage of turnover yday (mkt cap > S$500m) Golden Agri-Resources (GGR SP) (58%), Fortune Real Estate Investment (FRT SP) (50%), SATS Ltd (SATS SP) (50%) |
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| 08-Oct-2013 06:32 |
Straits Times Index
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Stocks fall 1% as debt drama continuesOctober 7, 2013: 6:11 PM ET 
Click chart for more markets data. NEW YORK (CNNMoney)
The debt ceiling deadlock is finally starting to rattle investors.During the first six days of the government shutdown, investors had a relatively blasé attitude toward the drama in Washington. But as a critical Oct. 17 deadline approaches, stocks continue to fall. The Dow Jones industrial average, the S& P 500, and the Nasdaq closed down nearly 1% Monday. Click here for more on stocks, bonds, currencies and commodities Congress waiting for a sell-off? Several analysts say that a sharp sell-off in stocks could be the one thing that pushes Congress to act swiftly. So far, stocks have been holding up pretty well.. " A resilient stock market and a cloudy economic picture increase the risk of an extended shutdown in our view," Bank of America analysts wrote in a report over the weekend. The government shutdown is in day 7, and lawmakers appear no closer to resolving the impasse. Related: Shutdown, debt ceiling uncertainty looms Sounding the alarm on the debt ceiling: Treasury Secretary Jack Lew said Sunday that Congress was " playing with fire," with the possibility of a U.S. default only a little over a week away. Deutsche Bank analyst David Bianco thinks the lack of a debt resolution will drag on the S& P 500 this week, but says there's little chance that the U.S. will default. However, if it does, Bianco says the S& P 500 could sink 45%. That echoes the sentiment of ETX Capital market strategist Ishaq Siddiqi, who said the debt ceiling debacle could lead to a " subsequent meltdown of global asset prices." Last week, Bank of America analysts said the government shutdown wouldn't impact fourth-quarter GDP growth. But over the weekend, they changed their tune and lowered growth estimates for the fourth quarter to a 2% annual rate from 2.5%. |
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| 08-Oct-2013 06:27 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Isolator Sorry! World MarketsNorth and South American markets finished broadly lower today with shares in Mexico leading the region. The IPC is down 1.12% while U.S.'s S& P 500 is off 0.85% and Brazil's Bovespa is lower by 0.82%.
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| 07-Oct-2013 11:48 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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SGX STOCKS ON WATCHLIST: LIM & TAN
SGX has placed 3 of them (Blumont, Asiasons and Liongold) under ?designated? category, meaning that investors who buy these stocks would have... to pay up-front and those sell them must have the stocks in their CDP accounts. These 3 stocks were suspended from trading last Friday and will resume trading this morning at 9 am. In their reply to SGX?s query regarding the recent extreme volatility in their share prices, some of these companies have said that their companies stocks have been placed under ?trade restrictions? by UOB Kay Hian. Besides Asiasons, Blumont and Liongold, UOB Kay Hian?s list also includes Cedar, Digiland, Innopac Holdings, IPCO, Metech International, Mirach Energy, NexGenSCom, Transcu, Vallianz, We Holdings, YHM, and EMS Energy. Some of these micro-cap stocks have seen persistent insider sales in the past few months as their shares were lapped up by the market as their counterparts got chased up across the board on market rumors, share placement, and potential RTOs. We have been warning for some time to be cautious and follow the smart money ?insiders? to sell as well. |
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| 07-Oct-2013 11:20 |
Others
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Cowboy Traders Annonymous
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Ah Kong's counter SPH even safer ! Lol..........
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| 06-Oct-2013 18:00 |
Others
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For the contra players....
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Ya, I tot that you are in mid 30! Keep it up ........ young man!
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| 05-Oct-2013 06:42 |
Others
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Thought of the Moment
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| 05-Oct-2013 06:10 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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U.S. Stocks Rise as Optimism Grows Over Ending ImpasseBy Alex Barinka & Aubrey Pringle - Oct 5, 2013 4:53 AM GMT+0800
U.S. stocks rose, with the Standard & Poor?s 500 Index trimming a weekly decline, as optimism grew that the lawmakers would reach a deal to end the budget impasse and avoid a default on the federal debt.
The S& P 500 (SPX) climbed 0.7 percent to 1,690.50 at 4 p.m. in New York. The Dow Jones Industrial Average added 76.10 points, or 0.5 percent, to 15,072.58. About 5.2 billion shares changed hands on U.S. exchanges, 9.6 percent below the three-month average. ?There?s a working presumption that this is fundamentally theater and it?s going to work itself out favorably,? Mackintosh Pulsifer, vice chairman and chief investment officer of Fiduciary Trust Co. International in New York, said in a phone interview. He helps oversee $15 billion. ?There will not be a default, we?ll find some way to raise the debt ceiling, and government workers will go back to work. In a few weeks it?s not going to have any impact.? The S& P 500 dropped 0.1 percent this week, trimming a decline that reached as much as 1.3 percent, as the first partial government shutdown in 17 years began on Oct. 1, placing as many as 800,000 federal employees on unpaid leave and closing some services. Boehner CommentsHouse Speaker John Boehner reiterated today that he won?t allow the U.S. to default on its debt, even if that requires Democratic votes as House Republicans met in Washington to find a solution to the budget impasse. Boehner later said reopening the government must start with negotiations and that he has no intention of ?rolling over? on spending concessions. Pacific Investment Management Co.?s Bill Gross and BlackRock Inc.?s Larry Fink said the showdown will be resolved without a debt default. ?It?s theatrics posed by politicians to get ratings or to get their way via legislation,? Gross said yesterday at an event in Beverly Hills, California. Federal Reserve Bank of San Francisco President John Williams estimated a two-week government halt would shave 0.25 percentage point off fourth-quarter economic growth. A one-week closure would probably take 0.1 percentage point from economic growth, according to the median of 40 estimates in a Bloomberg survey of economists. ?Bigger Concern?The budget impasse has raised concern that lawmakers will be unable to make progress on a deal to increase the debt limit. The Treasury has said measures to avoid exceeding the $16.7 trillion cap will be exhausted by Oct. 17 and warned yesterday that a default could have catastrophic consequences that might last decades. ?A federal default is a bigger concern for markets than the budget disagreement,? said Manish Singh, who helps manage $2 billion as head of investments at Crossbridge Capital in London. ?It?s good that the House speaker is determined to prevent a U.S. default even if the debt-ceiling bill does not have majority Republican support.? The shutdown delayed the release of the Labor Department?s monthly payrolls report, which was due today. The lack of data is making it harder for Fed policy makers to assess the health of the economy as they consider when to start paring unprecedented monetary stimulus. ?Useful Buffer?Atlanta Fed President Dennis Lockhart said the shortage of economic news ?would tend to make me somewhat more cautious? about reducing the pace of bond purchases. Minneapolis Fed President Narayana Kocherlakota said the stimulus serves as a ?useful buffer? against fiscal policy headwinds. ?The taper is off the table for October, that is a silver lining for the market,? Phil Orlando, New York-based chief equity strategist at Federated Investors, said in a phone interview. His firm manages about $380 billion in assets. ?Given the fact that there is no jobs data and given the fact that we have triggered the potential breach of the debt ceiling, in my opinion there is zero chance that the Fed is going to commence the taper at the October 29-30 FOMC meeting.? The Fed stimulus and better-than-forecast corporate earnings have helped the S& P 500 rally 19 percent this year and as much as 155 percent from its March 2009 low. The Chicago Board Options Exchange Volatility Index, or VIX, dropped 5.3 percent to 16.74 today, paring a weekly gain to 8.3 percent. The equity volatility gauge has fallen 7.1 percent this year. |
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Stocks bounce back after steep slideOctober 4, 2013: 4:28 PM ET 
Click the chart for more stock market data. NEW YORK (CNNMoney)
Stocks moved higher Friday following two days of losses, but investors remained relatively cautious on the fourth day of the government shutdown.The Dow Jones industrial average, the S& P 500 and the Nasdaq advanced between 0.5% and 0.9%. The gains came at the end of what was a mostly down week on Wall Street. The Dow fell 1.2% and the S& P 500 slipped 0.1%. Friday's move higher helped the Nasdaq book a 0.7% gain for the week though. The government shutdown has created plenty of uncertainty and left an estimated 800,000 federal employees waiting to go back to work. The shutdown is also delaying the release of the government's monthly jobs report, originally scheduled to come out Friday morning. Since the recession, the report has become the most closely watched indicator on the economy. Click here for more data on stocks, bonds, currencies and commodities With little else to focus on, investors will continue to watch Washington for developments on the budget deal and the looming deadline to raise the debt ceiling. Failure to raise the debt limit is likely to have a significant impact on the global economy, as well as stocks, bonds and currency markets. Though the political gridlock has sparked volatility on Wall Street, some experts say it is also creating bargains in the stock market. " Think of this period of uncertainty as a buying opportunity for investors who are under-allocated to equities and have a long time horizon," said Kristina Hooper, head of investment and client strategies at Allianz Global Investors. She noted that although stocks plummeted in 2011 in the aftermath of an ugly debt ceiling debate and subsequent credit downgrade, they recovered and continued to rally. Plus, it's unlikely the Federal Reserve is going to cut back on stimulus anytime soon, especially if the shutdown lingers and the country defaults on its debt. The last thing the Fed wants to do is scale back, or taper, its $85 billion per month in bond purchases at a time that could send the market into a tailspin, Hooper said. |
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