Shares have mostly gained in Asia, with Japan's benchmark Nikkei 225 index falling shortly after the open and then bouncing as it climbed higher. The Nikkei index was up 1.9% by midmorning. On Tuesday, calm returned to markets after a bout of volatility that took a day after its worst drop in nearly two years.
Currency traders work near a screen showing the Korea Composite Stock Price Index , top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 7, 2024.
Elsewhere in Asia on Wednesday, Hong Kong’s Hang Seng was the outlier, giving up 0.3% to 16,647.34. The Shanghai Composite index gained 0.2%, to 2,873.25. The S&P 500 rose 53.70 points to 5,240.03. The Dow added 294.39, or 0.8%, to 38,997.66, and the Nasdaq gained 166.77, or 1%, to 16,366.85. Stronger-than-expected profit reports from several big U.S. companies helped drive the market. Kenvue, the company behind Tylenol and Band-Aids, jumped 14.7% after reporting stronger profit than expected thanks in part to higher prices for its products. Uber rolled 10.9% higher after easily topping profit forecasts for the latest quarter.While fears are rising about a slowing U.S. economy, it is still growing, and many economists see a recession in the next year or so as unlikely. The U.S.
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