The S&P 500 gained 0.9% to end the day at 3,168.57, notching a record close. The Nasdaq Composite also posted an all-time closing high, rising 0.7% to 8,717.32. The Dow Jones Industrial Average closed 220.75 points higher, or 0.8% at 28,132.05. All three of the major averages reached intraday records, their first since Nov. 27.
U.S. negotiators have the terms of the deal ready for President Donald Trump’s review. CNBC confirmed reports from earlier in the day that said U.S. negotiators are offering to cancel new China tariffs and reduce existing levies on Chinese goods by up to 50% on $360 billion worth of imports. The latest trade news comes ahead of a key Sunday deadline. If an agreement is not reached by Sunday, additional U.S. levies on Chinese products will take effect.
Trump said in a tweet earlier in the day both sides were getting “VERY close to a BIG DEAL with China.” They want it, and so do we!” The major indexes hit record highs following Trump’s tweet.
“People are very optimistic here that all the risks cited are going away,” said Ilya Feygin, senior strategist at WallachBeth Capital. “It just seems like people who have been skeptical have been forced into the market.”
He noted that weekly inflows into equity ETFs have ranged between $6 billion and $8 billion in recent weeks.
Caterpillar shares jumped 1.9% on Thursday while Micron Technology advanced 3.5%. The VanEck Vectors Semiconductor ETF (SMH) and the iShares PHLX Semiconductor ETF (SOXX) both rose more than 2.5% and hit all-time highs.
Bank stocks also got a lift as Treasury yields rose. The SPDR S&P Bank ETF (KBE) climbed 2.9% and hit a 52-week high. J.P. Morgan Chase, Bank of America and Citigroup all closed at least 1.6% higher. The benchmark 10-year Treasury yield advanced to 1.896% while the 2-year rate was at 1.66%.
Stocks started December on the wrong foot as worries around U.S.-China trade relations increased. In the first two sessions of the month, the Dow lost more than 500 points.
The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
Still, the major averages are up sharply for the year. The S&P 500 and Dow have jumped 26.4% and 20.6%, respectively, year to date. The Nasdaq is up around 31%.
Next year, however, should be tougher on Wall Street, CalSTRS CIO Christopher Ailman said.
“It will be choppy,” Ailman told CNBC’s Brian Sullivan in an interview that aired Thursday. “This is going to be another election year. Remember 2016? That was a really hard year where the market slugged it out to generate a positive return. We may have that kind of year because of all the rhetoric we’re going to hear.”
Walaoeh... US and China finally reached a “phase one” trade deal !!! Hosei liao lar this this our stock market !!! Market are so bullish now !!! 2020 onwards will be prosperous years !!! KLSE going to break 2,000 points soon !!! Huat ah ! Heng ah ! Ong ah !
Wow, what happend ? Today KLSE spike up to 1,599,11 points (+22.16)(1.41%) Like that by next week (end of 2019), KLSE probably will spike up to closed above 1,700 points liao lah !
why do the substantial shareholders want to b exempted from the proposal? Don't they worry their stakes being diluted? If prospect is good why don't they pump in more money?
KUALA LUMPUR (Dec 16): Kenanga Investment Bank Bhd Research has maintained its "Neutral" call on the oil and gas sector, noting that it is positive on the Activity Outlook for 2020-2022 by Petronas and feels comforted that upstream activities would continue to stay elevated from the surge in 2019.
In a note today, the research house identified the big winners from Petronas' Activity Outlook. Among them are fabricators (e.g: Marine and Heavy Engineering Holdings Sdn Bhd and Sapura Energy Bhd), which will benefit from the surge in numbers of wellhead platforms (WHPs).
Based on the Activity Outlook, Kenanga Research said marine vessel providers (e.g: Perdana Petroleum Bhd, Alam Maritim Resources Bhd, Icon Offshore Bhd and Coastal Contracts Bhd) will benefit from the huge rise in demand for offshore support vessels (OSVs).
Kenanga Research also highlighted that offshore players (e.g: Dayang Enterprise Holdings Bhd and Carimin Petroleum Bhd) will continue to enjoy increased maintenance, construction and modification work orders.
"Meanwhile, Velesto Energy Bhd, [whose] rig fleet are currently fully chartered out, is expected to continue to enjoy high utilisation rates amidst sustained drilling rig demand," it said.
RISK ANALYSIS Highly volatile share price over past 3 months
Does not have a meaningful market cap (MYR59M)
Below Fair Value: ICON (MYR0.05) is trading below our estimate of fair value (MYR0.19)
Significantly Below Fair Value: ICON is trading below fair value by more than 20%.
116.6% Forecasted annual earnings growth
Earnings vs Savings Rate: ICON is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.4%).
Earnings vs Market: ICON is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: ICON's is expected to become profitable in the next 3 years.
Revenue vs Market: ICON's revenue (5% per year) is forecast to grow slower than the MY market (5.7% per year).
High Growth Revenue: ICON's revenue (5% per year) is forecast to grow slower than 20% per year.
Short Term Liabilities: ICON's short term assets (MYR102.4M) do not cover its short term liabilities (MYR668.0M).
Long Term Liabilities: ICON's short term assets (MYR102.4M) exceed its long term liabilities (MYR38.3M).
Cash Runway Analysis For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: Whilst unprofitable ICON has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.
Forecast Cash Runway: ICON is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 30.1% per year.
TRading of shares in Icon Offshore Bhd (fundamental: 0/3, valuation: 0.3/3), which closed half a sen or 9.09% higher at six sen yesterday, made it to our Stocks with Momentum list for the first time since early October 2018.
At the closing bell, the offshore support vessel player recorded a total trading volume of 56.84 million shares, over 12 times than the average 4.64 million shares it recorded in the past 200 days. The loss-making company aims to turn profitable by the 1Q of this year if its shareholders back its cash call exercise aimed at slashing its debt by over a third, to help strengthen its balance sheet, according to managing director Datuk Seri Hadian Hashim.
Hadian said the focus will then shift to rejigging its business model, while squeezing efficiencies to stay competitive.
In its FY18, Icon Offshore impaired RM419.9 million of its fleet’s net book value. That led to a net loss of RM449 million on a revenue of RM199.7 million, its biggest full-year loss amid record low revenue. The group has an order book of RM650 million.
In what appears to be its first retaliation strike, Iran has claimed to have fired tens of ground-to-ground rockets at the Ain al-Assad military base in Iraq.
Reuters and AFP news agencies cite a U.S. official that confirms the strike, but also says that there’s no information yet on casualties or damage. Additional reports came in that a military base in Erbil, in the Kurdish part of Iraq has also been struck by ballistic missiles.
Major Iranian news agency ISNA reported early on Wednesday morning that "This morning, courageous fighters of the IRGC's Air Force launched a successful operation called Operation Martyr Soleimani, with the code 'Oh Zahra' by firing tens of ground-to-ground missiles at the base of the terrorist and invasive U.S. forces,"
The attacks come shortly after the Iranian clerical leadership vowed retaliation, with spiritual leader Ayatollah Khamenei suggesting the Islamic Republic would strike against U.S. forces in the region. According to a report from the New York Times, Khamenei showed up to a meeting of Iran’s National Security Council and laid down the conditions for a response to the slaying of Qassem Soleimani.
The oil market responded immediately with WTI jumping 4% before falling back slightly.
Oil sank after Trump said Iran “appears to be standing down” and that the U.S. would impose sanctions instead of another military strike as feared by some.
U.S. West Texas Intermediate crude dropped 4.9% to $59.61, its first time below $60 a barrel since Dec. 16.
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50:1 share consolidation not under Capt Hassan Ali as CEO proposed?