Asian shares were mostly higher on Monday after Wall Street ended last week with the stock market’s best day in over two months in a rally backed by the cooler-than-expected U.S. employment data.The Japanese yen weakened slightly after its value swung from a low of 160.25 to the U.S. dollar to 151.86 late last week following suspected government intervention. The dollar bought 153.93 yen, up from 152.90 yen.
The Dow Jones Industrial Average rose 1.2% to 38,675.68. The Nasdaq composite ended 2% higher and closed at 16,156.33, reflecting strong gains by technology sector stocks, which accounted for much of the rally. Friday’s market rally was widespread, though technology stocks powered much of the gains. Apple jumped 6% after announcing a mammoth $110 billion stock buyback. The tech giant reported late Thursday its steepest quarterly decline in iPhone sales since the outset of the pandemic.Several companies notched gains after reporting strong quarterly results.
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