Current:Home > NewsStock market today: Asian shares advance, tracking rally on Wall Street -FutureWise Finance
Stock market today: Asian shares advance, tracking rally on Wall Street
View
Date:2025-04-19 02:17:34
BANGKOK (AP) — Shares advanced Thursday in Asia after Wall Street resumed its upward climb, as an update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.
Chinese shares rose as leaders metin Beijing to set economic plans and targets for the coming year. The government announced plans to expand trial private pension programs to the entire country, beginning Dec. 15.
The Hang Seng in Hong Kong jumped 1.7% to 20,501.14 and the Shanghai Composite index gained 0.6% to 3,454.52.
Tokyo’s Nikkei 225 index advanced 1.3% to 39,897.13, led by buying of technology shares. Advantest Corp., which makes equipment for testing computer chips, gained 4.6%, while chip maker Tokyo Electron was up 0.7%.
South Korea’s Kospi gained 0.9% to 2,464.00, while the S&P/ASX 200 in Australia edged 0.2% lower.
Taiwan’s Taiex climbed 0.7% and the Sensex in India was little changed. The SET in Bangkok picked up 0.3%.
U.S. stock indexes resumed climbing on Wednesday after an update on inflationappeared to clear the way for more help for the economy from the Federal Reserve.
The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished at 6,084.19. Big Tech stocks helped drive the Nasdaq composite up 1.8% to 20,034.89. It was its first close above 20,000. The Dow Jones Industrial Average, meanwhile, dipped 0.2% to 44,148.56.
Inflation in the U.S. ticked up to 2.7% in November from a year earlier from 2.6% in October, fueled by pricier used cars, hotel rooms and groceries. That shows some price pressures remain elevated, but not enough to prevent the Fed from cutting interest rates at its meeting next week.
The Fed began trimming rates in September from a two-decade high to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation.
Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week.
Tesla jumped 5.9% to finish above $420 at $424.77. It’s a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share.
Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue.
GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock.
Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. A day earlier, judges in separate casesin Oregon and Washington had nixed the supermarket giants’ merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition.
Macy’s slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue.
In other dealings early Thursday, U.S. benchmark crude oil picked up 5 cents to $70.34 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, gained 11 cents to $73.63 per barrel.
The U.S. dollar slipped to 152.25 Japanese yen from 152.46 yen. The euro rose to $1.0507 from $1.0496.
___
AP Business Writers Stan Choe and Matt Ott contributed.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (3376)
Related
- Rylee Arnold Shares a Long
- Glow Up Your Pride Month Look with These Limited Edition Beauty & Makeup Sets
- 3 children among 6 killed in latest massacre of family wiped out by hitmen in Mexico
- Rebellious. Cool. Nostalgic. Bringing ‘The Bikeriders’ to life, and movie theaters
- Realtor group picks top 10 housing hot spots for 2025: Did your city make the list?
- California’s Black legislators make case for reparations bills while launching statewide tour
- Nationwide to drop about 100,000 pet insurance policies
- 'Partners in crime:' Boston Celtics stud duo proves doubters wrong en route to NBA title
- Skins Game to make return to Thanksgiving week with a modern look
- Tokyo Olympic star Caeleb Dressel makes his debut at US swim trials, advancing in the 100 free
Ranking
- The Super Bowl could end in a 'three
- American tourist found dead on Greek island Mathraki, 3 other tourists missing
- Georgia father once accused of murder is freed from prison 10 years after toddler died in hot car
- Vintage airplane crashes in central Georgia, sending 3 to hospital
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Retired AP reporter Hoyt Harwell dies at 93; covered key events in the American South
- Milwaukee brewery defends home turf with (not so) Horrible City IPA
- New Zealand Rugby Player Connor Garden-Bachop Dead at 25 After Medical Event
Recommendation
Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
Lawyer for man accused of attacking Salman Rushdie says client doesn’t want offered plea deal
Wells Fargo rolled out a new credit card you can use to pay rent. Is it a money-loser?
Jessica Alba Reveals the Ultimate Tip to Avoid Getting Bored in the Gym
Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
California’s Black legislators make case for reparations bills while launching statewide tour
Majority of Americans favor forgiving medical debt, AP-NORC poll finds
Social media platforms should have health warnings for teens, U.S. surgeon general says