MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Rise for 2nd Week Amid Earnings, China Data; as the Standard & Poor’s 500 Index climbed to the highest level in five years, amid optimism about fourth-quarter corporate earnings and better-than-estimated data on Chinese exports. The S&P 500 advanced 0.4 percent to 1,472.05 for the week. The benchmark equity gauge closed at 1,472.12 on Jan. 10, the highest level since December 2007. The Dow added 53.22 points, or 0.4 percent, to 13,488.43. The Chicago Board Options Exchange Volatility Index, known as the VIX, fell 3.4 percent to 13.36, the lowest level since June 2007. Equities also advanced for the week as a report showed China’s overseas sales rose 14.1 percent in December from a year earlier, almost triple the 5 percent gain predicted. A separate report on the final day showed China’s inflation accelerated more than forecast to a seven-month high, a pickup that may limit room for easing to support an economic recovery.
WTI Oil Gains, Brent Premium Narrows as Seaway Pipeline Starts; after a pipeline started that may reduce a glut in the U.S. Midwest. WTI futures climbed as much as 0.4 percent after a fifth weekly gain that was the longest run of advances since August. The 500-mile (805-kilometer) Seaway line running from Cushing, Oklahoma, to Freeport, Texas, resumed full service after shutting Jan. 2 to expand the line’s capacity to 400,000 barrels a day from 150,000 barrels, Enterprise Products Partners LP (EPD)and Enbridge Inc. (ENB) said Jan. 11. Crude for February delivery rose as much as 33 cents to $93.89 a barrel and was at $93.86 at 11:11 a.m. Sydney time in electronic trading on the New York Mercantile Exchange. The contract fell 26 cents to $93.56 on Jan. 11, the lowest close since Jan. 9. Prices climbed 0.5 percent last week.
Jupiter Securities Research - 14 January 2013
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