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Stock market today: Asian stocks are higher as Bank of Japan raises benchmark rate

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Asian stocks are higher following a decision by the Bank of Japan to raise its benchmark interest rate.

Currency traders work near the screen showing the Korea Composite Stock Price Index , top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 31, 2024.

A rate hike by the BOJ was expected to boost the yen, but since the decision was widely anticipated the dollar actually yoyoed against the Japanese currency, trading above 153.00 yen at times. It fell to 151.60 late Wednesday afternoon Japan time. The U.S. Federal Reserve is forecast to hold off on cutting interest rates when it announces its decision on Wednesday. The widespread expectation is that it will do so at its next meeting in September.

On Tuesday, the S&P 500 slipped 0.5% to 5,436.44, even though two out of every three stocks within the index rose. The Dow Jones Industrial Average rose 0.5% to 40,743.33, and the Nasdaq composite sank 1.3% to 17,147.42. Helpfully for the market, other stocks have been rising up to cushion some of Big Tech’s recent softness, including smaller stocks and companies whose profits are closely tied to the strength of the economy. They rallied on hopes thatThe Russell 2000 index of smaller stocks added 0.3% Tuesday to stretch its market-leading gain for the month to 9.5%.

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