Stock market today (May 27, 2024): Asian shares mostly higher after rebound on Wall St | Elaine Kurtenbach / The Associated Press

Asian shares were mostly higher on Monday after U.S. stocks bounced back from Wall Street’s worst day since April to finish higher for the week.Tokyo’s Nikkei 225 added 0.7% to 38,900.02 and the Kospi in Seoul jumped 1.2% to 2,717.71.

On Friday, the S&P 500 gained 0.7% to 5,304.72 and won back all its losses from the prior two days. It eked out a tiny gain for the week, extending its weekly winning streak to five, and is sitting just below its record set on Tuesday. , which has rocketed to become one of Wall Street’s most influential stocks amid a frenzy around artificial-intelligence technology. Fervor around AI had pushed some stocks to heights that critics called overdone, but Nvidia’s The overall U.S. economy has been showing continued strength for spending by U.S. households, but numbers beneath the surface

That could help stave off a vicious cycle where high expectations for inflation among U.S. households drive them to behave in ways that only make inflation worse.That in turn could delay a cut to the Federal Reserve’s main interest rate, which is sitting at the highest level in more than 20 years. The Fed is trying to pull of the difficult feat of slowing the economy enough through high interest rates to stifle high inflation but not so much that it kneecaps the job market.

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