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Wall Street Rebounded Late. Global Investors Followed. Stocks Rose on Wall St. After Late Rebound Spreads to Global Markets
(about 3 hours later)
HONG KONG — Global investors on Friday followed Wall Street’s positive momentum from the day before, despite new indicators of concern for global growth. HONG KONG — Stocks on Wall Street rose on Friday after a late rally the day before that largely carried over to markets around the world.
The exuberance of a late rally in the United States on Thursday carried over into Europe and parts of Asia on Friday. European markets, which started the day around 1 percent higher, pushed up through the morning and were up across the board by midmorning. Shares rose in Asia and Europe despite new causes for concern about the pace of global economic growth.
Futures markets pointed to a slightly higher opening on Friday for the United States, but benchmarks have been volatile this month, so the roller coaster ride could continue. The S&P 500 recorded its best day since 2009 on Wednesday, before dropping as much as 2.8 percent on Thursday and rallying to finish the day 0.9 percent higher. European markets started the day around 1 percent higher, climbed through the morning and remained up across the board by midafternoon. Asian markets closed higher for the most part, with Japan’s Nikkei 225 index a notable exception.
Asian markets closed higher for the most part on Friday, with the notable exception of Japan, after a day of mixed trading. Investors in Asia did not initially latch on to Wall Street’s positive momentum. Stocks in Japan fell after officials there released soft economic data for the month of November. In particular, they focused on a drop in industrial output that economists blamed partly on weaker demand from China, a major buyer of Japanese machinery used in factories.
Initially, investors in Asia were not feeling the positive vibes. Stocks in Japan fell after officials there released soft economic data for the month of November. In particular, they focused on a drop in industrial output, for which economists partly blamed weaker demand from China, a major buyer of Japanese-made machinery used in factories. The report came on the heels of data released on Thursday showing that Chinese industrial profits fell last month for the first time in three years. The report came after the release on Thursday of data showing that Chinese industrial profits fell last month for the first time in three years.
Still, other markets in Asia looked to the positive. Shares in China and Hong Kong ended modestly higher. The Nikkei 225 fell 0.3 percent. In Hong Kong, the Hang Seng rose 0.1 percent. The Shanghai composite index rose 0.4 percent. Stocks in Taiwan and South Korea rose as well.
In Japan, the Nikkei 225 index fell 0.3 percent. In Hong Kong, the Hang Seng rose 0.1 percent. By midafternoon in Europe, the Euro Stoxx 50 blue-chip index was up by about 1.9 percent, the FTSE 100 in London rose 2.3 percent and the CAC 40 in Paris was up 2 percent. The Dax in Germany was about 1.7 percent higher.
The Shanghai composite index rose 0.4 percent. Stocks in Taiwan and South Korea rose as well. Trading has been febrile in recent weeks, particularly in the United States, as investors grapple with a slowing of global growth, corporate profits being squeezed by interest rate rises, a trade war with China and turmoil in the White House.
By midmorning in Europe, the Euro Stoxx 50 blue-chip index was up by about 1.6 percent, and the FTSE 100 in London and the CAC 40 in Paris were up 1.7 percent. The Dax in Germany was about 1.8 percent higher. The S&P 500 recorded its best day since 2009 on Wednesday, before dropping as much as 2.8 percent on Thursday and then rallying to finish the day 0.9 percent higher.
Trading has been febrile in recent weeks, particularly in the United States, as investors have grappled with slowing global growth, corporate profits being squeezed by interest rate rises, a trade war with China and turmoil in the White House. This has been made all the more difficult by a government shutdown that could deprive investors of economic data from the Commerce Department. A partial government shutdown has complicated matters by potentially depriving investors of important Commerce Department data. A report on new home sales has been delayed because of the shutdown. And while weekly jobless claims were lower, expectations for job growth have hit a five-month low.
A report on new home sales has been delayed because of the partial shutdown. Weekly jobless claims were lower, but expectations for job growth have hit a five-month low.