August 16, 2024
06:32
06:32
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U.S. stocks rally after strong economic data release
Asian markets posted strong gains on Friday, with Japan leading the charge, while US stocks rallied on encouraging economic data. Despite a weaker yen and declining oil prices, investor optimism remains high as tech stocks and consumer spending outperform expectations. Japan's Nikkei 225 jumped almost 3 percent, leading gains in the region. This follows a rebound from last week's sharp selloff amid rising interest rates from the Bank of Japan. The yen weakened against the dollar, with the exchange rate at 148.88. Over on Wall Street, the S&P 500 surged 1.6% on Thursday, with the Dow Jones up 1.4% and the Nasdaq climbing 2.3%. US Treasury yields rose, with the 10-year yield increasing to 3.91%, as economic data showed stronger-than-expected consumer spending and fewer unemployment claims. Meanwhile, US crude oil prices dropped by 27 cents to $77.89 per barrel, while Brent crude lost 18 cents, settling at $80.86. Concerns over softening demand, particularly in China, are weighing on energy prices despite positive economic signals from other markets.
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