A brighter outlook for the U.S. economy and calming tensions over Europe's debt crisis whetted traders' risk appetite, sending Wall Street surging in its best first-quarter performance in 14 years.
The Dow Jones Industrial Average, as quoted by Foxbusiness.com, gained 66.2 points, or 0.5%, to13,212 on last Friday, the S&P 500 climbed 5.2 points, or 0.37%, to 1408 and the Nasdaq Composite dipped 3.8 points, or 0.12%, to 3092.
The S&P 500 soared 12% in the first quarter, while the Dow zoomed 8.1% to the upside. The tech-heavy Nasdaq posted a better performance, soaring some 18.7% in the best start to a year since 1991. All three are up for two quarters in a row, rising more than 20% each. Indeed, the blue chips have tacked on 2,299 points in that time.
In a sign of traders' appetite for risk, the yield on the 10-year Treasury jumped 0.34-percentage point to 2.218% as they fled the shelter of U.S. debt. Meanwhile, volatility plunged by one third as tracked by the Chicago Board of Options Exchange's VIX, sometimes referred to as Wall Street's fear gauge.
How about Indonesia market today? Bisnis Indonesia provides recommendations:
Jakarta Composite Index (JCI) may moce within the range of 4,095-4,157 with potential correction. Several stocks to watch: INDF, UNVR, and ITMG. Last week, the JCI inched up 16 points or 0.39% to 4,121.55.
The JCI is estimated to fluctuate with potential decrease. The index rellied in the last few days put itself into profit taking threat. The support-resistance level today is within the range of 4,090-4,148. Top picks: ADHI, ADRO, UNTR, GGRM, and JSMR.
Technically, the index today may mix with potential gain within the range of 4,100-4.146. Several stocks for day trading are BMRI, UNTR, UNVR, and ICBP.
Disclosure: No position at the stock mentioned above.
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