Additional Support Anticipated For Japan Stock Market

(RTTNews) - The Japan stock market has moved higher in back-to-back sessions, advancing more than 1,630 points or 2.6 percent along the way. The Nikkei finished just beneath the 58,130-point plateau and it's expected to open in the green on Thursday.

The global forecast for the Asian markets is murky, with profit taking warring with support from the oil and technology sectors. The European and U.S. markets were mixed and the Asian bourses are expected to behave similarly.

The Nikkei finished modestly higher on Wednesday following gains from the financial shares, technology stocks and automobile producers.

For the day, the index rallied 256.85 points or 0.44 percent to finish at 58,134.24 after trading between 58,028.75 and 58,585.95. Among the actives, Nissan Motor spiked 2.39 percent, while Mazda Motor jumped 1.70 percent, Toyota Motor accelerated 1.65 percent, Honda Motor climbed 1.26 percent, Softbank Group soared 4.76 percent, Mitsubishi UFJ Financial rallied 2.23 percent, Mizuho Financial collected 2.43 percent, Sumitomo Mitsui Financial vaulted 2.00 percent, Mitsubishi Electric sank 0.82 percent, Sony Group strengthened 1.83 percent, Panasonic Holdings rose 0.26 percent and Hitachi surged 5.31 percent.

The lead from Wall Street provides little clarity as the major averages opened higher on Wednesday, although the Dow splintered off and finished slightly under water.

The Dow shed 72.27 points or 0.15 percent to finish at 48,463.72, while the NASDAQ jumped 376.93 points or 1.59 percent to end at a record 24,016.02 and the S&P 500 gained 55.57 points or 0.80 percent to close at 7,022.95, also a record.

The extended surge by the NASDAQ reflected strength among tech stocks, with Broadcom (AVGO) helping to lead the sector higher after the chip maker announced a multi-year strategic partnership with Meta's (META).

Traders also expressed optimism about a resolution of the conflict in the Middle East even as they await additional details about another round of peace talks between the U.S. and Iran.

Crude oil edged higher on Wednesday as traders weighed the prospects of success in the upcoming U.S-Iran talks against the ongoing U.S. blockade on all Iranian ports across the Strait of Hormuz, which is keeping the supply concerns alive. West Texas Intermediate crude for May was up $0.36 or 0.39 percent at $91.64 per barrel.