Japan Stocks Rise as Tech Names Advance After Overseas Earnings

Japanese stocks rose as technology companies boosted the Topix index following positive earnings from IBM and ASML Holding NV.

Topix rose 0.4% to 1,757.48 as of morning close in Tokyo; added 2.9% in previous four days while Nikkei 225 gained 0.3% to 22,863.30.

Tokyo Electron Ltd. was among the biggest boosts to the benchmark gauge alongside banks such as Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. The yen gained 0.1 percent to 112.74 per dollar after touching the lowest level in more than six months on Wednesday.

Source: Bloomberg

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Asian Stocks Rally After Fed; Dollar Holds Advance

Asian stocks advanced after an upbeat assessment on the U.S. economy from Federal Reserve Chairman Jerome Powell comforted investors wary of a blowout in protectionism.

The MSCI Asia Pacific Index climbed 0.5 percent. Australia’s S&P/ASX 200 Index gained 0.7 percent and South Korea’s Kospi index was up 0.3 percent.

Equities climbed from Tokyo to Sydney and U.S. futures edged up after the Nasdaq Composite Index hit a record high despite disappointing subscriber numbers from Netflix Inc. The dollar held gains after Powell told a Senate committee that the Fed will continue to gradually raise interest rates “for now,” suggesting no iron-clad plan to keep tightening through next year.

Source: Bloomberg

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Stocks close slightly higher, extending weekly advance

US stocks closed slightly higher on Friday, with major indexes extending a recent rally and the Dow reclaiming the 25,000 mark for the first time in nearly a month.

The Dow Jones Industrial Average rose 88 points, or 0.4%, to 25,013. The S&P 500 added 0.1%, or 1 point to 2,800 The Nasdaq Composite Index rose less than 0.1% to 7,820, but that was enough to give it its second straight record close. All three posted their sixth rise of the past seven sessions. For the week, the S&P rose 1.5%, the Nasdaq added 1.8% and the Dow advanced 2.3% in its biggest weekly percentage gain since early June. All three posted their second straight weekly climb.

Among the most actively traded stocks were financials, which fell following a trio of major bank earnings. JPMorgan Chase & Co. fell 0.5% despite topping analyst expectations, while Citigroup Inc. was down 2.3% and Wells Fargo & Co. lost 1.2%. Separately, Cisco Systems Inc. sank 4.1% following a report that Amazon.com Inc. was considering selling its own network switches with built-in connections to its Amazon Web Services cloud-computing offerings. AT&T Inc. fell 1.8% a day after the Justice Department filed an appeal of a ruling allowing the telecoms major to acquire Time Warner Inc.

Source : Marketwatch

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