US stocks lose momentum a day after Dow's record gain
BEIJING (AP) — Most Asian stock markets gained while Japan edged down following Wall Street’s rally at the end of a turbulent week.
KEEPING SCORE: The Shanghai Composite Index rose 0.5 percent to 2,495.16 points while Tokyo’s Nikkei 225 lost 0.6 percent to 19,964.54. Hong Kong’s Hang Seng advanced 0.2 percent to 25,531.63 and Seoul’s Kospi added 0.6 percent to 2,040.76. Sydney’s S&P-ASX 200 gained 0.7 percent to 5,634.30 and benchmarks in New Zealand, Taiwan and Southeast Asia also rose.
WALL STREET: U.S. stocks staged a last-minute turnaround that put the market on track to end the volatile week with a gain. That followed the market’s best day in 10 years. Health care and technology companies, banks and industrial stocks accounted for much of the gains. The Standard & Poor’s 500 rose 0.9 percent to 2,488.83 after being down 2.8 percent at midday. The Dow Jones Industrial Average gained 1.1 percent to 23,138.82. The Nasdaq composite added 0.4 percent to 6,579.49. The downturn that began in October has intensified this month, erasing all of the market’s 2018 gains and nudging the S&P 500 closer to its worst year since 2008. Stocks are on track for their worst December since 1931.
ANALYST’S QUOTE: Improved U.S. sentiment “provided Asia markets with the intraday relief into the end of the week,” said Jingyi Pan of IG in a report. Still, Pan said, “one would likely flinch to call this a bottom yet,” leaving a “mixed picture as we head into the end of the year.”
CHINA PROFIT DECLINE: Profits at major Chinese industrial companies fell in November for the first time in three years amid an economic slowdown and trade tension with Washington. Government data showed profit for companies in steel, construction materials, oil, chemicals and equipment manufacturing declined 1.8 percent from a year earlier, a reverse from October’s 3.6 percent gain.
ENERGY: Benchmark U.S. crude jumped $1.02 to $45.63 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.59 on Thursday to close at $44.61. Brent crude, used to price international oils, gained $1 to $53.73 per barrel in London. It fell $1.97 the previous session to $52.73.
CURRENCY: The dollar declined to 110.58 yen from Thursday’s 111.01 yen. The euro advanced to $1.1456 from $1.1430.
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