RTTNews - The stock market in Japan ended in positive territory on Monday on increasing optimism that the worst for the global economy is over. Scope for an increase in demand and a weaker yen lifted market sentiment as the market opened above the psychological 10,000-mark and marched northward to end higher for the ninth consecutive session.
In the U.S., stocks ended Friday's session on a mixed note, with the Dow Industrials and the S&P 500 Index ending higher, while the tech-heavy Nasdaq ended in negative territory following disappointing numbers from bellwether Microsoft Corp. (MSFT).
Traders shrugged off a mixed report from Reuters and the University of Michigan, which showed that their reading on consumer sentiment for the month of July was upwardly revised from the preliminary reading but still came in well below the previous month. The report said that the consumer sentiment index for July came in at 66.0 compared to the preliminary reading of 64.6, although it remained below a reading of 70.8 for June. Economists had expected the index to be revised up to 65.0.
While the Nasdaq slipped by 7.64 points or 0.4% to 1,966, the Dow climbed 23.95 points or 0.3% to 9,093 and the S&P 500 rose by 2.97 points or 0.3% to 979.
The Nikkei 225 Average opened sharply higher above the 10,000-mark at 10,021 compared to its previous close of 9,945 on increasing optimism about a global recovery. The market continued to move in the northward direction and ended at 10,089, representing a gain of 144.11 points, or 1.45%. The broader Topix Index of all first section issues gained 7.78 points, or 0.85%, to 928.
Light sweet crude oil for September delivery ended the Asian trading session at $68.68, up $0.63 from its previous close in New York at $68.05 a barrel on Friday.
Financial stocks gained on recovery hopes. Mitsubishi UFJ Financial gained 0.55%, Mizuho Financial advanced 1.92%, Resona Holdings rose 1.51% and Sumitomo Mitsui Financial Group added 1.86%.
Brokerage firms advanced following reports that they may return to profits this year. Nomura Holdings gained 3.14% and Daiwa Securities Group surged up 4.49%.
Hitachi gained 3.40% after Nikkei reported that the company is planning to make five of its affiliates into wholly-owned subsidiaries.
Car stereo maker Clarion, in which Hitachi has about two-thirds interest, surged up 13.64%.
Shipping stocks ended weaker after the companies revised their annual projections and now expect losses for the year. Mitsui O.S.K. Lines declined 3.54%, Kawasaki Kisen shed 3.98% and Nippon Yusen lost 4.55%.
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