RTTNews - The stock market in Japan ended in positive territory on Tuesday following Wall Street cues where the major averages ended strongly higher on positive economic data. Profit trading late in the session following recent gains, however, trimmed the gains.
The benchmark Nikkei 225 Index ended the session at 10,375, up 22.54 points, or 0.22%, while the broader Topix index of all first section stocks rose to a nine-month high of 959, with a gain of 1.46 points, or 0.15%.
In the U.S., better-than-expected manufacturing survey from the Institute of Supply Management and surprise increase in construction spending coupled with higher commodity prices and slump in dollar provided further ammunition to the equities driving the Nasdaq and the S&P 500 past the key technical levels of 2,000 and 1,000, respectively, while the Dow registered a 3-figure gain.
The Dow closed up by 114.95 points or 1.3% at 9,287, the Nasdaq climbed by 30.11 points or 1.5% to 2,009, and the S&P 500 rose by 15.15 points or 1.5% to 1,003.
Light sweet crude oil for September delivery ended the Asian trading session at $70.81, down $0.77 from its previous close in New York at $71.58 a barrel on Monday.
Trading companies advanced following rise in commodity prices in the international market. Mitsui & Co. surged up 5.68%, Mitsubishi Corp gained 2.09% and Sumitomo Corp. rose 3.67%.
Sumitomo Metals & Minerals advanced 4.68% and Nippon Mining gained 2.58%.
Insurance stocks also advanced after the TED spread narrowed, signaling the return of stability in the global financial market. T&D Holdings rose 2.94% and Tokio Marine Holdings rose 1.24%.
Mixed trading was witnessed among the financials on profit taking. While Mitsubishi UFJ Financial remained unchanged from previous close and Mizuho Financial added 0.88%, Resona Holdings fell 2.45% and Sumitomo Mitsui Financial edged down 0.72%.
Automakers slipped on poor earnings results. Suzuki Motor, which reported a 92% drop in quarterly earnings on Monday, slumped 4.96%. Nissan Motor declined 4.41% and Toyota Motor dropped 1.47%.
For comments and feedback: contact firstname.lastname@example.org