Stock market today: Tokyo gains, most world markets closed

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Shares advanced Monday in Tokyo and Sydney while most world markets were closed for May 1 holidays.

Traditional Labor Day holidays around the globe limited initial global market reactions to the Federal Deposit Insurance Corp.'s announcement that regulators had seized troubled First Republic Bank and will sell its assets to JPMorgan Chase Bank.San Francisco-based First Republic was viewed as the likely weakest link, in an industry strained by surging interest rates, due to its high amount of uninsured deposits and exposure to low interest rates.

In Asian trading Monday, Tokyo's Nikkei 225 index added 0.9% to 29,123.18 and the S&P/ASX 200 in Sydney advanced 0.5% to 7,344.20. Other markets in the region were closed.On Friday, the S&P 500 gained 0.8%, clinching a second straight winning month. The Dow Jones Industrial Average climbed 0.8% and the Nasdaq composite gained 0.7% to 12,226.58.

Most companies so far this reporting season have beaten expectations, though they were modest given forecasts that the economy may tip into recession as it slows under the weight of higher interest rates meant to get inflation under control. A report on Friday said the inflation measure that the Fed prefers to use came in close to expectations for March, but is well above the target. Also, wages rose more during the first three months of the year than economists expected, potentially keeping inflation more entrenched.

 

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