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Stock market today: Asian shares zoom higher, with Nikkei over 42,000 after Wall St sets new records

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Asian shares have carried on with the blistering rally on Wall Street, as Japan's Nikkei 225 index surged over 42,000 for the first time. On Wednesday, the U.S. stock market vaulted to more all-time highs. The S&P 500 jumped 1% and topped the 5,600 level for the first time. The Nasdaq composite added 1.2% to its all-time high set a day before.

Stock market today: Asian shares zoom higher, with Nikkei over 42,000 after Wall St sets new recordsStock market today: Asian shares are mixed after Fed chair’s comments give scant clues on rate cuts

The U.S. stock market vaulted to more all-time highs on Wednesday, led by big technology companies whose shares have been soaring thanks to the frenzy over artificial intelligence.The S&P 500 jumped 1% and topped the 5,600 level for the first time, closing at 5,633.91.Advanced Micro Devices was another major force behind the stock market’s leap, and it jumped 3.9% after announcing a $665 million deal to buy Silo AI, a European AI lab.

Later Thursday, the U.S. government will release the latest monthly update on inflation. Economists expect it to show U.S. consumers paid prices for food, airline tickets and everything else that were 3.1% higher in June than a year earlier. That would be a touch slower than May’s 3.3% inflation rate.

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