TOKYO — Asian shares advanced Thursday after a plunge in oil prices aided a recovery on Wall Street.Market sentiment was helped by a $5 decline in oil prices on Wednesday, although prices recovered slightly in Asian trading. Lower energy costs would relieve inflationary pressures that have led central banks to keep interest rates high.
Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive. The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2%.
A second report on the economy said growth in U.S. services industries slowed in September by a touch more than economists expected.as the speaker of the House of Representatives. The unprecedented move likely doesn’t change much in the short term, with funding for the U.S. government set until Nov. 17.
A 5.9% jump for Tesla and 1.8% rise for Microsoft were the two strongest forces pushing upward on the S&P 500. Alphabet rose 2.1%.
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