Wall Street’s main indexes regained their footing on Thursday after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood.
The number of Americans filing for new claims for unemployment benefits fell to 444,000 in the week ended May 15, down for the third straight time, suggesting job growth picked up this month, though companies still are desperate for workers.
Wall Street’s main indexes fell on Wednesday, extending losses since, after minutes from the Federal Reserve’s meeting last month indicated some policymakers thought it would be appropriate to discuss easing of crisis-era support, such as tapering bond purchases, in upcoming meetings if the strong economic momentum is sustained.
Unofficially, the Dow Jones Industrial Average rose 180.97 points, or 0.53%, to 34,077.01, the S&P 500 gained 43.14 points, or 1.05%, to 4,158.82 and the Nasdaq Composite added 234.29 points, or 1.76%, to 13,534.02.
· Asia-Pacific shares edge higher following overnight Wall Street bounce
Shares in Asia-Pacific traded higher on Friday morning following an overnight bounce on Wall Street.
Japan’s Nikkei 225 rose 0.56% in early trade while the Topix index gained 0.22%. South Korea’s Kospi advanced 0.55%.
Meanwhile in Australia, the S&P/ASX 200 nudged 0.1% higher.
MSCI’s broadest index of Asia-Pacific shares traded 0.21% higher.
In corporate developments, investors will watch shares of Tencent in Hong Kong after the Chinese tech behemoth posted a 65% surge in its quarterly profit on Thursday.
· European stocks close higher as global risk sentiment improves; Trainline tanks 23%
European stocks closed higher Thursday, as investor appetite for riskier assets returned after a wave of selling in the previous session.
The pan-European Stoxx 600 ended Thursday’s session up by about 1.2% provisionally, with autos jumping 1.8% to lead gains as almost all sectors and major bourses ended in positive territory.
In terms of individual share price movement, British travel booking site Trainline plunged 23% to the bottom of the Stoxx 600 as the British government prepares to announce a long-awaited overhaul of the rail system on Thursday.
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