Asian shares mostly rose Thursday following a rally on Wall Street driven by encouraging update on U.S. inflation. Bank of Japan data showed wholesale prices in Japan rose 3.8% in December last year compared to a year earlier, adding to pressures on the central bank to raise interest rates. The S&P 500 jumped 1.8%, the Dow Jones Industrial Average rallied 1.7%, and the Nasdaq composite leaped 2.5%. Bank stocks helped lead the way after several reported stronger profits than analysts expected.
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Trader John Romolo works on the floor of the New York Stock Exchange, Wednesday, Dec. 18, 2024. A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Jan. 16, 2025, in Tokyo. – Asian shares mostly rose Thursday, following a rally on Wall Street driven by encouraging update on U.S. inflation.Bank of Japan data showed wholesale prices in Japan rose 3.
Wells Fargo jumped 6.7%, Citigroup rallied 6.5% and Goldman Sachs gained 6%. They’re among the first big U.S. companies to report their results for the end of 2024, and even more focus may be on them than usual.The yield on the 10-year Treasury dropped back to 4.65% from 4.79% late Tuesday, which is a considerable move. It had largely been screaming higher since September, when it was below 3.65%.
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