Wall Street little changed but S&P hits record

NEW YORK - U.S. stocks were little changed in thin trading on Monday as the S&P 500 notched its latest record high, but gains were curbed when an early rally in energy prices lost momentum.

Equities have trended to the upside of late, buoyed by data showing an improving economy and the U.S. Federal Reserve's commitment to be "patient" about raising interest rates. After the S&P 500 gained nearly 6 percent over the prior eight sessions, it notched its 53rd record close of the year on Monday.

The S&P energy index advanced 0.3 percent, pulling back from a gain of more than 1 percent as Brent and U.S. crude oil turned lower. Brent settled down $1.57 at $57.88 and U.S. crude settled down $1.12 at $53.61 a barrel.

In contrast to the fall in oil prices, consumer discretionary names were among the day's best performers, up 0.7 percent. General Motors rose 2.6 percent to $34.60. The S&P 500 retail sector rose 0.8 percent as Macy's Inc advanced 1.8 percent to $65.22 and Amazon.com was up 1 percent to $312.04.

"The nearer-term picture is, consumers are enjoying lower gas prices, it’s almost as if it is an alleviation of taxes," said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.

"Someone is getting hurt in this while the consumer is benefiting, and at some point it could come back to bite the market and the economy."

The Dow Jones industrial average fell 15.48 points, or 0.09 percent, to 18,038.23, the S&P 500 gained 1.8 points, or 0.09 percent, to 2,090.57 and the Nasdaq Composite added 0.05 points to 4,806.91.

The speed and scale of the rally could cap further upside, especially in the final trading week of the year, when many market participants are out on holiday and catalysts are limited. Volume is expected to remain light, which could exacerbate volatility. The stock market will be closed on Thursday for New Year's Day.

About 4.78 billion shares traded on U.S. exchanges on Monday, well below the 7.18 billion average this month, according to BATS Global Markets.

Gilead Sciences Inc rose 3.7 percent to $97.30 as one of the S&P 500's biggest percentage gainers after Morgan Stanley upgraded the stock to "overweight" from "equal-weight."

LiveDeal Inc jumped 19.1 percent to $3.92 on volume of 13.6 million shares, to dwarf its 50-day average of about 455,000 shares, after the company reported 2014 results.

NYSE advancing issues outnumbered decliners 1,800 to 1,299, for a 1.39-to-1 ratio; on the Nasdaq, 1,438 issues rose and 1,320 fell for a 1.09-to-1 ratio favoring advancers.

The S&P 500 posted 68 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 160 new highs and 39 new lows.

source: interaksyon.com

Synchronize your watch with DOST on New Year's

MANILA - Welcome 2014 by synchronizing your timepieces with Philippine Standard Time (PhST), the Department of Science and Technology Secretary Mario Montejo is inviting Filipinos as the department partnered with telecoms giants in this endeavor.

“We urge Filipinos to synchronize their watches with PhST in welcoming New Year’s Day,” said Montejo.

The effort is in connection with Republic Act 10535, or the Philippine Standard Time Act of 2013, requiring all national and local government offices as well as broadcasting organizations to display PhST as provided by the DOST’s Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa), the country’s official timekeeper.

The new law, together with its recently published Implementing Rules and Regulations (IRR), also provides for the observance of the National Time Consciousness Week, set to make its debut on New Year’s Day, 1 January 2014, with the theme “Juan Time: PinoyAko, On-Time Ako!”

 “Our Juan Time campaign seeks to reverse the negative connotations of Filipino Time from tardiness to punctuality, discipline, and utmost regard for other people’s time. Lateness often leads to missed opportunities. What we want is for Filipinos to arrive on time as the new norm,” Montejo added.

For his part, DOST Assistant Secretary Raymund Liboro noted that the New Year is the right time for Filipinos to start following PhST. He added that the leading telecommunications service providers have already been synchronized with PhST.

"Smart is pleased to be an active partner of the ‘Juan Time’ Philippine Standard Time Campaign of DOST,” said Ramon Isberto, head for Public Affairs of Smart Communications.

“The theme ‘PinoyAko, On Time Ako’ is very appropriate in the context of keeping our diverse country of more than 7,000 islands in step with the world. Smart is committed to do its part in making sure that its 50 million subscribers will benefit from this Philippine Standard Time campaign," he added.

According to Globe Telecom Corporate Communications Head Yoly Crisanto, "Globe actively supports the observance of the National Time Consciousness Week by activating various initiatives through the power of our modernized network and social media to reach out to all Filipinos, enjoining them to observe a common reckoning of time across the country. With the implementation of the Philippine Standard Time, we are one with our countrymen in starting 2014 on time and observing thereafter Filipino Time as being Juan Time, On Time."

Join Juan Time. Synchronize your watch with the Philippine Standard Time (PhST) via: http://bit.ly/SyncPhST. Like Facebook: https://www.facebook.com/PhilippineStandardTime. Follow us on Twitter: @PhST_DOST.

source: interaksyon.com