Asian shares are mixed in cautious trading ahead of the Labor Day holiday in the U.S., when stock exchanges will be closed.
FILE - A custodian cleans up an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, on Aug. 26, 2024. – Asian shares were mixed in cautious trading Monday ahead of the Labor Day holiday in the U.S., when stock exchanges will be closed.
After a period of stagnation, Japan’s economy is showing signs of a recovery. Next week, Japan will release revised gross domestic product, or GDP, data, a measure of the value of a nation’s goods and services. TheAustralia’s S&P/ASX 200 declined 0.3% to 8,067.00, while South Korea’s Kospi gained nearly 0.1% to 2,676.28. Hong Kong’s Hang Seng slipped 1.3% to 17,752.09. The Shanghai Composite dipped 0.5% to 2,828.84.
The Dow Jones Industrial Average rose 0.6% on Friday, setting its fourth all-time high this week. The Nasdaq composite ended 1.1% higher. In other encouraging news, Friday’s Commerce Department report showed Americans stepped up their spending by 0.5% from June to July and incomes rose 0.3%, faster in July than the previous month.The S&P 500 rose 56.44 points to 5,648.40. The Dow rose 228.03 points to close at 41,563.08. The Nasdaq gained 197.19 points to 17,713.62.
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