BANGKOK, 29th March, 2024 (WAM) -- Asian shares were mostly higher Friday in quiet holiday trading, with markets closed in Hong Kong, Sydney, Singapore and India, among other places, Associated Press reported.
Many world financial markets were closed on Friday for Good Friday. In India, markets were closed for the Holi holiday.
Tokyo's Nikkei 225 rose 0.5 percent to 40,369.44 and the Kospi in Seoul was little changed, at 2,748.55. The Shanghai Composite index gained 1 percent to 3,041.17.
Taiwan's Taiex advanced 0.7 percent. In Bangkok, the SET added 0.5 percent.
On Thursday, the S&P 500 added 0.1 percent, to its all-time high set a day before and closed at 5,254.35. It gained 10.2 percent in the first quarter.
The Dow Jones Industrial Average ticked up 0.1 percent to 39,807.37 and likewise set a record. The Nasdaq composite dipped 0.1 percent to 16,379.46.
Oil prices jumped. U.S. benchmark crude oil gained US$1.82 to US$83.17 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged US$1.59 to US$87.00 per barrel.
The U.S. dollar slipped to 151.35 Japanese yen from 151.38 yen. The euro edged lower, to US$1.0774 from US$1.0790.
The U.S. stock market has been on a nearly unstoppable run since late October, and the S&P 500 just capped its fifth straight winning month. It has leaped as the U.S. economy has remained remarkably solid despite high interest rates meant to get inflation under control.
And with inflation hopefully still cooling from its peak, the Federal Reserve has indicated it will likely cut interest rates several times later this year.
Most stocks scrambled higher during the quarter, led by a pocket of companies riding Wall Street’s continued frenzy around artificial-intelligence technology.
A report Thursday showed the U.S. economy’s growth in the final three months of last year was stronger than earlier estimated. Another said fewer U.S. workers applied for unemployment benefits last week, the latest indication of a solid job market.
The hope on Wall Street is still that the Federal Reserve will begin cutting its main interest rate in June. Lower interest rates ease the pressure on the economy, while boosting prices for investments. But progress on bringing inflation down has become bumpier recently, with reports this year coming in hotter than expected.
Besides interest rates staying higher for longer, critics say other threats could also derail the stock market’s dash higher. Chief among them is that stock prices have climbed faster than corporate profits, leaving them looking expensive by some measures. Companies will need to deliver solid growth in profits to justify the moves.
Analysts said investors are ready to pounce on signs of a recovery in the housing market, with interest and mortgage rates expected to come down later this year.