GLOBAL MARKETS DJIA 34798.00 286.01 0.83% Nasdaq 14631.95 133.08 0.92% S&P 500 4358.69 35.63 0.82% FTSE 100 6998.28 117.15 1.70% Nikkei Stock Closed Hang Seng 27589.33 364.75 1.34% Kospi 3247.63 31.72 0.99% SGX Nifty* 15748.00 138.00 0.88% *July contract USD/JPY 110.13-14 -0.14% Range 110.31 110.09 EUR/USD 1.1796-99 +0.02% Range 1.1801 1.1787 CBOT Wheat Sept $7.106 per bushel Spot Gold $1,801.50/oz -0.1% Nymex Crude (NY) $70.22 $3.02 US STOCKS
U.S. stocks rose, extending the previous session's rebound, as investors turned their focus to the banner start to corporate earnings season.
The S&P 500 climbed 0.8%, a day after the broad market gauge posted its biggest one-day gain since late March. The Dow Jones Industrial Average rose 0.8% and the Nasdaq Composite added 0.9%.
Earnings season has helped buoy sentiment. Through Tuesday, 85% of S&P 500 companies that had filed quarterly results topped analysts' expectations, according to FactSet.
Markets in Japan are closed for a holiday today.
South Korea's Kospi was up 0.8% at 3242.65 in early trading, led by energy, steel and shipbuilding stocks. The benchmark was gaining ground after a four-session losing streak. Renewed hopes for economic recovery are supporting sentiment, as investors shift their focus from Covid-19 worries to 2Q corporate earnings results that start trickling out this week.
Hong Kong stocks were higher in morning trade, showing signs of recovery after the market suffered a three-session losing streak. The benchmark Hang Seng Index was up 1.8% at 27712.65. KGI Securities said the upturn was in part driven by ADR strength in the U.S. overnight. However, the brokerage expected limited upside in Hong Kong equities because of continued investor worries over a resurgence in global Covid-19 infections. It pegged HSI's resistance level at 27574.
Chinese stocks were mixed in morning trade despite gains in most regional equities after a rebound in the U.S. market overnight. The benchmark Shanghai Composite Index added 0.2% to 3569.78 and the Shenzhen Composite Index was up 0.2% at 2498.30. The ChiNext Price Index shed 0.3% to 3549.73 after posting its biggest percentage increase in a week on Wednesday. China Fortune Securities reckoned the market's recovery outlook remains uncertain. While Wednesday's gains showed signs of improvement from recent rangebound trading patterns, several individual stocks plummeted toward the end of the session, indicating downside risks, the brokerage noted.
The WSJ Dollar Index fell 0.20% to 87.49 Wednesday, snapping a four-day winning streak, but still notching its sixth highest closing value for the year.
The dollar is getting a boost from investors' worries about global growth rather than cheer over U.S. prospects.
Investors are now growing more concerned that the U.S. recovery is reaching a plateau. The infrastructure bill that promised the next big wave of government stimulus could also take longer to be signed into law and may be smaller than expected. At the same time, China's economy is slowing and the highly transmissible Delta variant of the coronavirus looks likely to force some countries to reverse, or at least slow, their reopening plans.
Gold prices were a tad lower in early Asian trading. The precious metal could hover around $1,800 as improving risk appetite and higher U.S. yields weigh on demand for safe-haven assets, Oanda said. However, a slightly weaker U.S. dollar could support prices, it added. Spot gold was down 0.1% at $1,801.50/oz.
Oil prices slipped in early trade after strong gains overnight. U.S. September WTI oil prices closed 4.6% higher at $70.20/bbl on Wednesday, which left prices of the commodity around $1 below where they began the week. The sharp gains were fueled by U.S. inventory data showing that supplies at Cushing, Okla., had fallen to the lowest level since January 2020, ANZ said. Front-month WTI futures were 0.2% lower at $70.13/bbl, while front-month Brent crude futures were down 0.3% at $72.03/bbl.
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(END) Dow Jones Newswires
July 21, 2021 23:15 ET (03:15 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.