(RTTNews) – The Japan stock market has moved higher in four straight sessions, advancing more than 2,025 points or 3.5 percent along the way. The Nikkei 225 now sits just above the 58,850-point plateau although investors may lock in gains on Monday.
The global forecast for the Asian markets is negative following the outbreak of hostilities between the United States and Israel against Iran. The European and U.S. markets were down on Friday and the Asian bourses are expected to open in similar fashion.
The Nikkei finished slightly higher again on Friday following gains from the financial shares, technology stocks and automobile producers.
For the day, the index rose 96.88 points or 0.16 percent to finish at 58,850.27 after trading between 58,130.57 and 58,924.17. Among the actives, Nissan Motor accelerated 1.64 percent, while Mazda Motor and Mitsubishi Electric both vaulted 2.06 percent, Toyota Motor climbed 1.30 percent, Honda Motor strengthened 1.51 percent, Softbank Group stumbled 2.60 percent, Mitsubishi UFJ Financial collected 1.49 percent, Mizuho Financial rallied 2.41 percent, Sumitomo Mitsui Financial expanded 1.82 percent, Sony Group skyrocketed 7.21 percent, Panasonic Holdings added 0.52 percent and Hitachi jumped 1.52 percent.
The lead from Wall Street is weak as the major averages opened lower and remained in the red throughout the trading day, ending near session lows.
The Dow tumbled 521.28 points or 1.05 percent to finish at 48,977.92, while the NASDAQ sank 210.17 points or 0.92 percent to end at 22,668.21 and the S&P 500 lost 29.98 points or 0.43 percent to close at 6,878.88.
For the week, the Dow tumbled 1.3 percent, the NASDAQ slumped 1.0 percent and the S&P 500 fell 0.4 percent.
The continued weakness on Wall Street followed the release of a Labor Department report showing producer prices in the U.S. increased 0.5 percent in January, more than the expected 0.3 percent.
The jump in producer prices along with concerns about AI-related layoffs led to worries about a period of stagflation. Adding to recent concerns about potential AI disruptions, Block (XYZ) said it is cutting its workforce by nearly half.
Crude oil prices spiked on Friday amid growing concerns about a military conflict between the U.S. and Iran. West Texas Intermediate crude for April surged $1.71 or 2.6 percent to $66.92 barrel – although it’s expected to jump sharply again now that hostilities have broken out.
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