Asian shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared.
In Tokyo, data showed the core consumer price index was up 4.3%, slightly higher than expected at 4.2%, and higher than the Bank of Japan’s target of 2%.In Tokyo, data showed the core consumer price index was up 4.3%, slightly higher than expected at 4.2%, and higher than the Bank of Japan’s target of 2%.
The S&P 500 SPX climbed 1.1% to clinch its highest finish since Dec. 2, at 4,060.43. The Dow DJIA climbed 0.6% to 33,949.41, and the Nasdaq composite COMP gained 1.8% to 11,512.41. Strong data suggest the economy can withstand last year’s blizzard of rate hikes by the Fed, plus at least one more expected next week, without crashing to a deep recession. Higher rates intentionally slow the economy by making it more expensive to borrow to buy a home, a car or anything else on credit. They also drag down prices for stocks and other investments.
While Thursday’s report on the economy may have been encouraging at first blush, it included some concerning signals of slowdown underneath. It’s also backward looking, said Megan Horneman, chief investment officer at Verdence Capital Advisors.
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