Hong Kong (AP) Following a Wall Street rise following the announcement by market leader Nvidia and another wave of firms that they were producing much bigger profits than anticipated, Asian stocks climbed on Friday.
Futures in the US dropped. Oil prices rose as a result of geopolitical concerns. In retaliation for Kyiv’s use of American and British missiles that could penetrate farther into Russia this week, President Vladimir Putin said Thursday that Russia had launched a new intermediate-range ballistic missile at Ukraine.
After Japan’s inflation figures dropped to 2.3% in October from 2.5% in September, the country’s benchmark Nikkei 225 gained 1% to 38,415.32, its lowest level since January.
At the December policy meeting of the Bank of Japan, where some investors expect the short-term policy rate to rise from 0.25% to 0.5%, the readings will be one of the main topics.
The S&P/ASX 200 in Australia increased 1% to 8,407.50. At 2,509.06, South Korea’s Kospi was up 1.2%. The Shanghai Composite fell 0.4% to 3,355.70, while Hong Kong’s Hang Seng fell less than 0.1% to 19,594.52.
Currency traders watch computer monitors near the screens showing the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a foreign exchange dealing room in Seoul, South Korea, Friday, Nov. 22, 2024. (AP Photo/Lee Jin-man)
Associated Press/Lee Jin-man photo
The S&P 500 saw multiple swings between gains and losses during the day before pulling up 0.5% to 5,948.71 on Thursday. Leading the way were banks, smaller businesses, and other sectors of the stock market that typically perform well in a thriving economy.
According to CoinDesk, bitcoin briefly exceeded $99,000 in the cryptocurrency market before reversing course and falling back below $98,000. Its increase has accelerated since Election Day, and it has more than doubled so far this year. Donald Trump, the incoming president, has promised to establish a strategic bitcoin reserve and turn the nation into the global center of cryptocurrency.
Early on Friday morning, Asia time, the price of bitcoin reached $98,925.87.
The Nasdaq composite increased by less than 0.1% to 18,972.42, while the Dow Jones Industrial Average surged 1.1% to 43,870.35.
Although Nvidia only had a 0.5% increase despite once again exceeding analyst predictions for revenue and earnings, it remained the main driver of the S&P 500’s upward movement. Due to the high demand for its chips used in artificial intelligence technology, it also provided a revenue projection for the current quarter that exceeded the expectations of the majority of analysts.
On Thursday, almost 90% of the S&P 500’s equities saw rises, with smaller businesses seeing even greater gains. The market-leading 1.7% increase was made by the Russell 2000 index of smaller stocks.
The Securities and Exchange Commission chief Gary Gensler announced on Thursday that he would step down in January, which gave Bitcoin a lift. Gensler has advocated for further safeguards for cryptocurrency investors.
There is a well-known history of significant price fluctuations in both directions for Bitcoin and associated investments. MicroStrategy, a business that has been raising money specifically to purchase bitcoin, had its shares immediately lose its 14.6% gain early Thursday. It lost 16.2% by the end of the day.
Following some conflicting news on the U.S. economy, the yield on the 10-year Treasury increased little to 4.43% from 4.41% late Wednesday in the bond market.
According to one, the most recent indication that the labor market is still strong is the fact that fewer Americans applied for unemployment insurance last week. However, according to another survey, mid-Atlantic manufacturing surprisingly declined. In contrast, sales of previously inhabited properties increased more than anticipated last month.
Benchmark U.S. crude increased 17 cents to $70.27 a barrel in energy trading. The global benchmark, Brent crude, increased by 13 cents to $74.36 a barrel.
The U.S. dollar dropped from 154.52 Japanese yen to 154.33 yen in currency trading. The price of the euro increased from $1.0474 to $1.0475.
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Stan Choe, an AP Business Writer, made a contribution.
The Associated Press, 2024. All rights reserved. All rights reserved. It is prohibited to publish, broadcast, rewrite, or redistribute this content without authorization.
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