Asian shares' rise broadly cheered by U.S. earnings, rally

Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index, left, and the foreign exchange rate between the U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, May 27, 2022. Asian shares gained Friday as investors cheered a strong set of earnings from retailers that has sent U.S. shares higher.

Gauging Japan's economic path will be on investors' minds as data on manufacturing, housing and employment for April are set to be released next week. Some analysts expect the numbers to be dim because of a slowdown in exports to China during that period. Bond yields rose. The yield on the 10-year Treasury, which helps set interest rates on mortgages, rose to 2.75% from 2.74% late Wednesday.

Retailers led the broader market higher Thursday. Macy's surged 19.3% after it raised its profit forecast for the year following a strong first-quarter financial report. Dollar General vaulted 13.7% and Dollar Tree jumped 21.9% for the biggest gain in the S&P 500 after the discount retailers reported solid earnings and gave investors encouraging forecasts.

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