[ad_1]
BANGKOK (AP) – Japan’s Nikkei stock average benchmark has soared to an all-time high, breaking its all-time high set in December 1989 on heavy buying by global investors.
The index closed at 39,098.68 on Thursday. The previous record was 38,915.87 points, set just before Japan’s bubble economy burst in the early 1990s.
Japanese stocks have soared in recent months, buoyed by strong interest from foreign investors, who account for most of the Tokyo Exchange’s trading volume.
Record increases in corporate profits have made Japanese company stocks more attractive. The Japanese yen’s weakness against the US dollar is also attracting investors, despite a long period of economic stagnation that saw it slip back into a technical recession late last year.
Elsewhere in Asia, most markets posted solid gains.
Hong Kong’s Hang Seng Index rose 0.9% to 16,645.45, and the Shanghai Composite Index also rose 0.9% to 2,976.88.
Australia’s S&P/ASX 200 rose less than 0.1% to 7,611.20 and Seoul’s Kospi rose 0.4% to 2,663.35.
Big tech stocks again weighed on the market on Wall Street on Wednesday, with stocks ending mostly higher after a period of languid trading.
The S&P 500 rose 0.1% to 4,981.80. The benchmark index spent most of the day in declining territory before rallying just before market close.
The Dow Jones Industrial Average also rose slightly after falling for much of the day. It rose 0.1% to 38,612.24.
The tech-heavy Nasdaq Composite Index fell 0.3% to 15,580.87.
Earnings continued to be a major focus. After the market closed, NVIDIA reported earnings and earnings that easily beat Wall Street expectations. The chipmaker has tripled in growth over the past year thanks to growing investor enthusiasm for artificial intelligence.
Palo Alto Networks was a big loser, with a particularly large weight in the tech sector. The network security company fell 28.4% after the company said its future billings are expected to be significantly lower than analysts expected. Rival Fortinet fell 3.8%.
Amazon The index rose 0.9% following the announcement that it would be added to the Dow. Walgreens Boots Alliance, which is leaving the Dow, fell 2.5%.
Bond yields rose. The yield on the 10-year U.S. Treasury rose to 4.33% from 4.28% late Tuesday.
Technology stocks drove much of the market’s rally, which hit record highs just last week. This sector has also shown the strongest revenue growth. But disproportionate contributions by some of the sector’s biggest players raise questions about whether the gains are overreaching.
Several other companies also made big moves after announcing their financial results. Electronic measurement technology company Keysight Technologies fell 6.7% after its profit forecast fell short of analysts’ expectations. Garmin, which makes personal navigation devices, beat profit expectations and rose 8.8%.
Toll Brothers rose 3.9% after providing investors with an encouraging financial update on strong demand. This supported gains across the housing construction sector.
Energy companies rose as natural gas prices rose 12.5%. ExxonMobil rose 2%.
Fed releases meeting minutes The most recent meeting in January showed most officials were concerned about cutting the benchmark interest rate too quickly. The central bank kept interest rates unchanged for the fourth consecutive time at its meeting. Investors have largely given up hope that the central bank will cut rates at its March meeting, and are now hoping for a first rate cut in June.
Investors will have to wait until next week for another important update on inflation. At that time, the government will release a monthly report on consumer spending and spending, the Fed’s preferred measure of inflation.
Separate measures consumer and wholesale price Economic data in January showed that inflation had not cooled as much as expected. As a result, investors changed their expectations for a rate cut from March to June. weak report on retail sales The disappointing inflation data added to concerns that stubborn inflation is causing more pain for consumers.
In other trading Thursday, benchmark U.S. crude oil rose 28 cents to $78.19 per barrel. Brent crude, the international standard crude, rose 28 cents to $83.31 per barrel.
The dollar was trading between 150.04 yen and 150.32 yen. The euro was almost unchanged at $1.0827.
[ad_2]
Source link
