Shares were mostly higher Wednesday in Asia, with Japan’s benchmark Nikkei 225 index falling shortly after the open and then bouncing as it climbed
higher.It had soared more than 10% on Tuesday, recovering much of the losses it suffered from its worst day since 1987.
The dollar rebounded sharply against the yen early Wednesday, jumping to 146.47 yen from 144.44 late Tuesday. A weaker yen tends to help profits of export manufacturers that earn most of their revenue overseas, and a surge in the yen’s value after the BOJ’s rate hike led to big gains for the Japanese currency late last week.The unwinding of the carry trades plus worries over the outlook for the U.S. economy sent markets tumbling late last week and into Monday’s session.
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. The S&P 500 has romped to dozens of all-time highs this year and is still up nearly 10% so far in 2024, in part due to a frenzy around artificial-intelligence technology. Critics have been saying that euphoria has sent stock prices too high in many cases.
In other dealings early Wednesday, U.S. benchmark crude oil was down 15 cents at $73.05 per barrel. Brent crude, the international standard, declined 17 cents to $76.31.In Louisiana’s Cancer Alley, company cancels plans for grain export facility in historic Black town
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