Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the U.S....
Asian shares were mostly higher early Monday after President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the U.S. national debt ceiling.
Tokyo’s Nikkei 225 index NIK jumped about 2% in early trading but was trading up 1.3% by midday. The S&P/ASX 200 XJO in Sydney gained 1%. The Shanghai Composite index SHCOMP edged 0.2% higher while in Hong Kong, the Hang Seng HSI slipped 0.4%. Stocks rose in Singapore STI and Taiwan Y9999 , but slipped in Indonesia JAKIDX .U.S. markets will be closed for a holiday on Monday. Investors have another busy week of U.S. economic updates ahead, including data on consumer confidence and employment.
“This agreement merely rolls the issue to potentially more politically friendly times post the Presidential election in two years. Nothing is certain in this regard, and it is possible resolution will be even more difficult then, than it has been on this occasion,” Bennett said. The S&P 500 SPX rose 1.3% to close at 4,205.45. The Dow Jones Industrial Average DJIA gained 1% to 33,093.34. The tech-heavy Nasdaq COMP notched the biggest gains, surging 2.2% to 12,975.69. The index rose 2.5% for the week as artificial intelligence became a big focus for investors.
A key measure of inflation that is closely watched by the Federal Reserve ticked higher than economists expected in April.
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