Stock market today: Asian shares advance after another round of Wall St records

📆 2024-05-16 3:08 AM
📰 AP

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Tokyo,Financial Markets,Inflation

Asian shares are mostly higher after U.S. stocks rallied to records on hopes that inflation is heading back in the right direction. Tokyo gained 1.4% even after the government reported that the Japanese economy contracted at a 2% annual rate in the January-March quarter. On Wednesday, the S&P 500 jumped 1.

Currency traders work near the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 16, 2024. A currency trader passes by the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 16, 2024.

In Australia, the S&P/ASX 200 advanced 1.7% to 7,881.30 while South Korea’s Kospi climbed 0.8% to 2,753.00.South Korea stresses need for fair treatment for Line chat app operator NaverOn Wednesday, the S&P 500 jumped 1.2% to top its prior high set a month and a half ago, closing at 5,308.15. The Dow Jones Industrial Average added 0.9% to 39,908.00, and the Nasdaq jumped 1.4% to 16,742.39, adding to its own record set a day earlier.

Real-estate stocks in the S&P 500 climbed 1.7%, while stocks of electricity companies and other utilities rose 1.4%. The dividends they pay look better to investors when bonds are paying less in interest. In the bond market, the yield on the 10-year Treasury eased to 4.34% from 4.45% late Tuesday. The two-year yield, which moves more closely with expectation for Fed action, sank to 4.72% to from 4.82%.

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Stock market today: Asian shares track Wall Streets rally, led by a 2.4% jump in TokyoAsian shares have tracked Wall Street's rally, led by a 2.4% advance for Tokyo's benchmark Nikkei 225 index. U.S. futures rose while oil prices also edged higher. Technology-related shares led the regional climb. On Tuesday, the S&P 500 jumped 1.2% and the Dow Jones Industrial Average climbed 0.7%, and the Nasdaq composite rose 1.6%.
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Stock market today: Asian markets follow Wall Street higher ahead of key inflation updateAsian stocks have advanced after a rally on Wall Street took the Nasdaq composite to a record high. U.S. futures and oil prices also gained. Markets in Hong Kong and Seoul were closed for holidays. Investors were reviewing a mixed report on inflation and awaiting an even more important update on consumer prices later Wednesday.
Source: AP - 🏆 728. / 51 Read more »