Rebound Anticipated For Japan Stock Market
(RTTNews) - The Japanese stock market headed south again on Friday, one day after ending the two-day losing streak in which it had tumbled almost 3,900 points or 6 percent. The Nikkei 225 now sits just above the 66,010-point plateau although it's likely to bounce higher again on Monday.
The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The Nikkei finished modestly lower on Friday following losses among the technology, electrical, financial and metal companies.
For the day, the index shed 200.43 points or 0.30 percent to finish at 66,016.36 after trading between 65,260.22 and 66,125.88.
The lead from Wall Street is firm as the major averages opened higher on Friday and remained solidly in the green throughout the trading day, slightly off session highs.
The Dow rallied 517.80 points or 0.98 percent to finish at 53,277.01, while the NASDAQ climbed 113.29 points or 0.43 percent to end at 26,180.46 and the S&P 500 rose 33.21 points or 0.43 percent to close at 7,674.37.
For the week, the NASDAQ plunged 2.1 percent, the S&P 500 tumbled 1.4 percent and the Dow slumped 0.9 percent.
The strength on Wall Street reflected bargain hunting after the major averages moved sharply lower on Thursday amid an extended surge in crude oil prices and a rebound in bond yields.
Crude oil prices edged higher on Friday as the Strait of Hormuz remains closed, heightening supply concerns. West Texas Intermediate crude for October delivery was up $0.44 or 0.51 percent at $87.27 per barrel.
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