Asian stocks follow technology and energy gains on Wall Street – WHIO TV 7 and WHIO Radio

BANGKOK – (AP) – Stocks rose in Asia on Thursday after a day of modest gains on Wall Street, driven by buying energy and tech stocks. Oil prices have also increased.

Benchmarks rose in Tokyo, Shanghai and Seoul but fell in Hong Kong.

In a calm news week, investors await a report from the US Department of Labor on Friday that said economists predict employers created more than 650,000 jobs last month. It is expected to give new clues to the Federal Reserve’s next interest rate action later this month, when the central bank holds its next policymakers’ meeting.

Expectations of a surge in hiring fueled concerns about inflation and how global central banks might respond to it. The concern is that the global recovery could be hampered if governments and central banks were to withdraw stimulus measures to combat rising prices.

News reports in Japan said the government is considering further support for the economy as the country suffers another coronavirus outbreak as it ramps up vaccinations ahead of the Tokyo Olympics, which are due to start at the end of the year. next month.

The Tokyo Nikkei 225 Index rose 0.4% to 29,066.08 and the Shanghai Composite Index also rose 0.4% to 3,610.90. South Korean Kospi jumped 1% to 3,257.70, helped by the rebound in tech stocks, which favor market heavyweights like Samsung Electronics.

The S & P / ASX 200 gained 0.4% to 7,244.10, while the Hang Seng in Hong Kong lost 0.4% to 29,179.93.

On Wall Street, the benchmark S&P 500 rose 0.1% to 4,208.12, as strength in tech, energy and real estate stocks offset declines by retailers and other businesses that rely on consumer spending. The values ​​of communications, industry and materials also fell. Yields on Treasuries mostly eased after rising a day earlier.

The Dow Jones Industrial Average edged up 0.1% to 34,600.38. The Nasdaq recovered from an early slide, adding 0.1% to 13,756.33.

Small business stocks also posted modest gains. The Russell 2000 Index rose 0.1% to 2,297.83.

Actions in the operator of a movie theater AMC Entertainment almost doubled in another episode of intense trading as the company adopted its “meme” stock status, pushed up by hordes of individual investors. Other actions like GameStop which have been defended on message boards and social media have also increased.

“The wages will hopefully help clarify the Fed’s position,” said Sameer Samana, senior global markets strategist at the Wells Fargo Investment Institute. “Until then, it will be difficult for the market to find any real direction, with the exception of even small-cap stocks.”

Bond yields fell slightly. The yield on the 10-year Treasury bill remained stable at 1.59%.

Tech companies did the heavy lifting for the S&P 500. Chipmaker Nvidia was up 3.2%. Payment processor Visa gained 1.3% after giving investors an encouraging financial update.

Etsy surged 7.1% for one of the S&P 500’s biggest gains after the online crafts market announced it would buy Depop, an app popular among young people looking to buy and sell clothes second-hand and vintage clothing from the early 2000s.

Energy companies also made big gains, with oil prices rising more than 1%. Occidental Petroleum rose 2.7% and Schlumberger led all S&P 500 stocks with a gain of 7.7%.

Benchmark US crude gained 38 cents to $ 69.21 a barrel in electronic trading on the New York Mercantile Exchange. It advanced $ 1.11 to $ 68.83 a barrel on Wednesday. Brent crude, the international benchmark for prices, rose 41 cents to $ 71.76 a barrel.

The US dollar was trading at 109.69 Japanese yen, against 109.57 yen on Wednesday night. The euro slipped to $ 1.2207 from $ 1.2212.

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AP Business editors Damian J. Troise and Alex Veiga contributed.


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