BANGKOK (AP) – Asian stocks were higher in trading on Friday after a large rally first pushed the S&P 500 up 4,000 points.
Many markets were closed for Good Friday. Tokyo grew by more than 1%, and Seoul and Shanghai also won.
Various industries are thriving on President Biden’s massive infrastructure rehabilitation initiative. The S&P 500 jumped 1.2% and the tech Nasdaq rose 1.8%.
“As we enter Q2, optimism grows as the spring is in the air and the macro is focusing on the Biden administration’s infrastructure program,” said Axi’s Steven Ines.
Hopes are growing that the recovery from the epidemic, the stimulus to spending will boost a strong US rental return this year, and Friday’s March jobs report will give a glimpse of whether those rosy expectations can be met.
The Tokyo Nikkei 225 index rose 1.6 percent to 29,854.00 and South Korea’s Kospi rose 0.8 percent to 3,112.80. The Shanghai Composite Index rose 0.5% to 3,484.39.
Shares of audio equipment maker Onkyo Home Entertainment fell more than 14% after falling 68% on Thursday as the company prepared to list in Tokyo after it reported a negative value for the past two years.
Onkyo has so far not been able to raise enough funds to cover its debt, predicting a net loss of 5.9 billion yen ($ 53.6 million) for the fiscal year ending March 31.
The tech company’s rally on Thursday raised the S&P 500 by 1.2% to 4,019.87, the first of more than 4,000. The Dow Jones industrial average rose 0.5% to 33153.21%. The technology-heavy Nasdaq rose 1.8% to 13,480.11.
Smaller companies benefiting from the fast-growing economy continued to record strong profits. The Russell 2000 Index rose 1.5% to 2,253.90.
The winners included Microsoft, Apple, Facebook and Google’s parent company. Health care, stocks of household goods և utilities were the only delays.
Technology stocks have benefited from another slump in bond yields, which have been driving the market for several weeks. The yield on the 10-year US Treasury Bank fell from 1.73% the previous day to 1.67%. Higher bond yields make stocks relatively more expensive, and technology stocks are among the most expensive since last year’s significant increase.
The rally closed the shortened holiday week for the stock market. US stock exchanges were due to close on Good Friday, although bond trading was due to be open for half a day, closing at noon Eastern time.
Companies that would benefit from higher sales of electric vehicles also rose on Thursday, with President Biden outlining various measures to support their use as part of his massive infrastructure program. Part of that plan involves installing thousands of additional charging stations across the country. Electric vehicle charging operator ChargePoint gained 11.8%.
Consumer sentiment has improved along with construction costs and the rapid spread of vaccines. Investors transfer money to companies ընկեր sectors that will benefit people who will return to a certain form of pre-epidemic norm.
Airlines are making a profit this year as more people bet on travel resumption, but the industry is still in turmoil. Frontier Airlines discount company failed on its first day of public trading. The Denver-based airline opened at $ 18.61, down from a low of $ 19 to $ 21, and closed at $ 18.85.
The Department of Labor reported that the number of Americans filing for unemployment benefits last week rose from 719,000 last week to 658,000 last week. That figure was expected to decline.
In foreign exchange transactions, the US dollar fell from 110.61 yen to 110.51 Japanese yen on Thursday. The euro is unchanged at $ 1.1776.