Rebound Predicted For Japan Stock Market

(RTTNews) - Ahead of Monday's holiday for Labor Thanksgiving Day, the Japanese stock market had turned lower again on Friday, one day after ending the four-day losing streak in which it had plummeted more than 2,710 points or 5.6 percent. The Nikkei 225 now rests just above the 48,625-point plateau although it's likely to bounce higher again on Tuesday. The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil sectors. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The Nikkei finished sharply lower on Friday following losses from the financial shares and technology stocks, while the automobile producers offered support. For the day, the index plummeted 1,198.06 points or 2.40 percent to finish at 48,625.88 after trading between 48,490.03 and 49,459.59. Among the actives, Nissan Motor jumped 1.93 percent, while Mazda Motor added 0.72 percent, Toyota Motor accelerated 1.74 percent, Honda Motor rallied 1.62 percent, Softbank Group cratered 10.90 percent, Mitsubishi UFJ Financial eased 0.06 percent, Mizuho Financial perked 0.08 percent, Sumitomo Mitsui Financial collected 0.75 percent, Mitsubishi Electric stumbled 2.30 percent, Sony Group climbed 1.03 percent, Panasonic Holdings slumped 1.00 percent and Hitachi tanked 3.38 percent.

The lead from Wall Street is strong as the major averages opened mixed on Monday but quickly turned higher and accelerated throughout the day, ending near session highs.

The Dow advanced 202.86 points or 0.44 percent to finish at 26,448.27, while the NASDAQ surged 598.92 points or 2.69 percent to end at 22,872.01 and the S&P 500 climbed 102.13 points r 1.55 percent to close at 6,705.12.

The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels after concerns about valuations and the outlook for interest rates weighed on the markets for much of last week.

Positive sentiment may also have been generated amid signs of progress toward an agreement to end the protracted war between Russia and Ukraine.

Semiconductor stocks led the way higher, with the Philadelphia Semiconductor Index soaring by 4.4 percent. Computer hardware and networking stocks are also seeing substantial strength, contributing to the surge by the tech-heavy NASDAQ.

Crude oil prices surged on Monday, supported by a positive economic outlook and more demand growth. West Texas Intermediate crude for January delivery was up $0.73 or 1.26 percent at $58.79 per barrel.