Stock holds record highs
Stocks are holding near record highs, keeping the S&P 500 at its highest valuation since 2002, but the market looked a lot different back then. Around 20 percent of the S&P 500 is now made up of five technology companies — Apple, Google parent Alphabet, Facebook, Microsoft and Amazon. Eighteen years ago, one-fifth of the index was made up of 10 companies as diverse as Walmart, Exxon Mobil and Pfizer. One top trader says the difference between then and now is staggering. That stock leadership is clear when comparing the broad market-cap weighted S&P 500 with the RSP equal-weight S&P 500 ETF, he said. While the S&P 500 has risen nearly 5 percent this year, the RSP ETF is up by just over 2 percent. Investors should look to another corner of the market to justify high valuations, Tepper said.
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Win streak may close for Taiwan stock market
The Taiwan stock market has climbed higher in three straight sessions, advancing almost 220 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 11,790-point plateau although it may run out of steam on Friday. The global forecast for the Asian markets is soft on renewed concerns about the spread of the coronavirus. The European and U.S. markets were down and the Asian markets figure to follow suit. The TSE finished slightly higher on Thursday following gains from the cement companies and mixed performances from the financial shares and technology stocks. For the day, the index added 17.59 points or 0.15 percent to finish at 11,791.78 after trading between 11,784.94 and 11,854.98. The Dow shed 128.11 points or 0.43 percent to end at 29,423.31, while the NASDAQ fell 13.99 points or 0.14 percent to 9,711.97 and the S&P 500 shed 5.51 points or 0.16 percent to 3,373.94. Profit taking contributed to initial weakness on Wall Street, as some traders looked to cash in on recent gains amid news of a jump in new coronavirus cases.
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KSE-100 dips more amid political, economic fears
The stock market extended its losses on Friday as the benchmark index shed over 200 points amid thin trading because of concern over political and economic uncertainty. Earlier, trading began on a positive note but the market could not sustain the momentum and soon dived into the red zone. Apart from the economic situation, inflation is on the rise. Moreover, political tussle over NAB cases against opposition leaders and calls for fresh elections also had an impact on the stock market. At close, the benchmark KSE-100 index recorded a decrease of 212.18 points, or 0.52 percent, to settle at 40,243.26. A day ago, the market had lost 75 points. Overall, trading volumes declined to 117.6 million shares compared with Thursday’s tally of 197.4 million. The value of shares traded during the day was Rs3.8 billion. Shares of 326 companies were traded. At the end of the day, 95 stocks closed higher, 211 declined and 20 remained unchanged. Pakistan International Bulk Terminal was the volume leader with 17.5 million shares, gaining Rs0.13 to close at Rs11.23.
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Sensex falls over 500 points from day’s high
Domestic stock markets gave up early gains on Friday after the Supreme Court held telecom services providers owing Rs 1.47 lakh crore to the telecom department in contempt of court. The S&P BSE Sensex index retreated 519.23 points from an intraday high of 41,702.36 touched earlier in the day, and the broader NSE Nifty benchmark slid to as low as 12,097.90, reversing direction after touching 12,246.70 at the strongest level during the session. The Sensex traded 179.32 points – or 0.43 per cent – lower from the previous close at 41,280.47, while the Nifty was at 12,129.30, down 45.35 points – or 0.37 per cent – from its previous close. Twenty six stocks on the 50-scrip Nifty index moved lower at the time, in contrast to early deals in which most of its components moved higher.
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Japan stocks lower at end of trade; Nikkei 225 down 0.59 pc
Japan stocks were lower after the close on Friday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower. At the close in Tokyo, the Nikkei 225 fell 0.59 percent. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2496 to 1093 and 190 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged 0.00 percent to 16.10. Crude oil for March delivery was up 0.25 percent or 0.13 to $51.55 a barrel. Elsewhere in commodities trading, Brent oil for delivery in April rose 0.20 percent or 0.11 to hit $56.45 a barrel, while the April Gold Futures contract fell 0.06 percent or 0.95 to trade at $1577.85 a troy ounce.
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France stocks lower at end of trade; CAC 40 down 0.39 pc
France stocks were lower after the close on Friday, as losses in the Foods & Drugs, Gas & Water and General Financial sectors led shares lower. At the close in Paris, the CAC 40 lost 0.39 percent, while the SBF 120 index fell 0.26 percent. Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 284 to 264 and 107 ended unchanged. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 0.83 percent to 13.43. Gold Futures for April delivery was up 0.50 percent or 7.85 to $1586.65 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in March rose 0.64 percent or 0.33 to hit $51.75 a barrel, while the April Brent oil contract rose 0.89 percent or 0.50 to trade at $56.84 a barrel.
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FTSE 100 closes week lower
UK blue-chip shares fell for a second day on Friday after AstraZeneca and RBS reported underwhelming results, while investors remained unsettled because of concerns over the impact of the coronavirus outbreak on the global economy. The FTSE 100 index ended the Valentine’s Day trading session 0.6 percent lower, down 0.8 percent for the week, while the midcap bourse rose 0.5 percent as it drew strength from the pound.