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Global stocks mostly higher after rebound on Wall St WFTV

Global stocks mostly higher after rebound on Wall St WFTV

 


Stocks rose in Europe and Asia ahead of the Memorial Day holiday Monday in the United States.

Oil prices have also increased.

European stocks posted modest gains after the open, while Asian benchmarks gained momentum as the day progressed.

Germany's DAX edged up 0.1% to 18,713.43 and Paris' CAC 40 rose 0.2% to 8,107.16. London's markets were closed for a public holiday.

The S&P 500 futures slipped less than 0.1% and the Dow Jones Industrial Average fell just over 0.1%.

Tokyo's Nikkei 225 gained 0.7% to 38,900.02 and Seoul's Kospi jumped 1.2% to 2,722.99.

Australia's S&P/ASX 200 index jumped 0.8% to 2,788.30 and the Shanghai Composite Index gained 0.8% to 3,124.24 as the government announced corporate profits rose increased by 4.3% year-on-year in January-April.

Hong Kong's Hang Seng reversed early losses, gaining 1.2% to 18,827.35.

In Taiwan and South Korea, massive buying of computer chip-related stocks pushed benchmark indexes higher. The Taiex ended up 1.1% after hitting a new record. MediaTek, a semiconductor company that provides chips for wireless communications, high-definition television and portable mobile devices, jumped 7.5%.

Taiwan Semiconductor Manufacturing Corp. recorded a more modest gain of 0.2%.

The strong global semiconductor cycle is positive for Taiwan's growth prospects, ANZ's Raymond Yeung and Bansi Madhavani wrote in a research note. The global semiconductor cycle is strong thanks to breakthroughs in artificial intelligence applications, cloud computing and 5G telecommunications technology, the report said.

On Friday, the S&P 500 gained 0.7%, regaining all of its losses from the previous two days. He posted a slight gain for the week, extending his weekly winning streak to five, and sits just shy of his record set on Tuesday.

The Dow rose less than 0.1% and the Nasdaq composite gained 1.1%, to 16,920.79, surpassing an all-time high set earlier in the week.

Nvidia rose another 2.6% on Friday, making it the main force pushing the S&P 500 higher.

This week's stock market woes occurred despite another Nvidia's soaring earnings report, which has become one of the most influential stocks on Wall Street amid a frenzy around artificial intelligence technology. The fervor around AI has pushed some stocks to heights that critics have called overblown, but Nvidia's values breathtaking growth and forecasts suggest this could continue.

The U.S. economy as a whole shows continued strength in U.S. household spending, but the numbers lie beneath the surface. maybe it's not as encouraging.

Concerns about stubbornly high inflation were behind last week's tough trading, following recent records. The weakness began after the Federal Reserve issued Wednesday minutes of his last political meeting That showed some officials talking about a possible rate hike if inflation worsens.

Stocks fell further after reports Thursday indicated that the US economy is stronger than expected. Such strength may actually scare Wall Street because it could maintain upward pressure on inflation.

In other trading Monday, U.S. benchmark crude oil gained 31 cents to $78.03 a barrel in electronic trading on the New York Mercantile Exchange. He gained 85 cents on Friday.

Brent crude, the international standard, added 32 cents to $82.16 a barrel.

In currency trading, the U.S. dollar slipped to 156.94 Japanese yen from 156.99 yen.

The euro rose from $1.0844 to $1.0849.

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