Tech gains lift US stocks despite early weakness Posted on 24/12/2024 Stocks faced pressure early due to concerns over rising US Treasury bond yields, which hindered year-end gains during a typically strong period. (AFP pic) NEW YORK: Wall Street stocks shook off early weakness and pushed higher Monday, propelled by gains in Nvidia and some other large tech equities. Stocks had been under pressure early amid concerns over higher US Treasury bond yields that impede year-end gains in a historically strong period of the calendar. “Stocks didn’t really have any direction in the morning, then we got this tech rally that just sort of drifted higher all day,” said Steve Sosnick of Interactive Brokers. The Dow Jones Industrial Average finished up 0.2% at 42,906.95. The broad-based S&P 500 gained 0.7% to 5,974.07, while the tech-rich Nasdaq Composite Index jumped 1.0% to 19,764.89. Stocks dropped last week after the Federal Reserve signalled it expects fewer interest rate cuts in 2025. But Monday’s market rose progressively in a quiet session with analysts pointing to low pre-holiday trading volumes. Among economic releases, US consumer confidence fell unexpectedly in December amid concerns over the potential economic drag of new tariffs threatened by president-elect Donald Trump. The US consumer confidence index slipped to 104.7 in December, down from a revised 112.8 last month, The Conference Board announced. Qualcomm climbed 3.5% after a jury sided with it in a legal dispute with Arm over alleged breach of license agreements connected to Qualcomm’s acquisition of Nuvia. Arm Holdings fell 4.0%. Nordstrom fell 1.6% after Mexican investment group El Puerto de Liverpool and members of the Nordstrom family reached a deal that involves taking the department store chain private. The transaction is valued at US$6.25 billion, Nordstrom said. Markets will have a half session on Tuesday, Christmas Eve, followed by Wednesday’s holiday. News
IGP: House arrest bill requires careful study and fine-tuning for effective implementation, public safety Posted on 20/11/2024 KUALA LUMPUR, Nov 19 –– The Royal Malaysian Police (PDRM) have expressed their hope that the new house arrest bill proposed by the government will be studied and fine-tuned to ensure an orderly implementation and guarantee public safety. Inspector-General of Police (IGP) Tan Sri Razarudin Husain said the new Act… Read More
Crisis at Man City overshadows United’s malaise ahead of derby Posted on 13/12/2024 Manchester City are in danger of a humiliating exit from the Champions League after a 2-0 defeat by Juventus today. (AP pic) LONDON: It would have seemed inconceivable at the start of the Premier League season that by the time the Manchester derby rolled around it would be Pep Guardiola’s… Read More
Whistleblowers must report to MACC first for protection, says Azalina Posted on 13/11/2024 Law and institutional reform minister Azalina Othman Said said any wrongdoing must first be reported to the relevant agency. KUALA LUMPUR: Anyone wishing to be protected under the Whistleblower Protection Act 2010 must first report to the relevant agency, said law and institutional reform minister Azalina Othman Said. Azalina said… Read More