Stock market today: Asian shares rise, cheered by last week's tech rally on Wall Street

TOKYO -- Asian shares were trading higher Monday amid optimism implicit the rally that ended the week connected Wall Street, though eyes were connected the Federal Reserve argumentation gathering acceptable for aboriginal this week.

Sydney's S&P/ASX 200 added 0.6% successful aboriginal trading to 7,621.40. South Korea's Kospi surged astir 1.0% to 2,681.73. Hong Kong's Hang Seng jumped 1.2% to 17,859.39, portion the Shanghai Composite roseate 0.6% to 17,859.39.

Trading was closed successful Tokyo for a Japanese nationalist holiday, Showa Day. Japan has a bid of holidays coming up known arsenic the Golden Week, done Monday.

Stephen Innes, managing spouse astatine SPI Asset Management, said the marketplace temper was affirmative aft past week's Wall Street tech-driven rally.

The caller drawstring of beardown net person boosted marketplace sentiments, but what could beryllium a hazard origin is the declining Japanese yen, helium added.

“Investors volition beryllium intimately monitoring the latest developments successful the singular and volatile diminution of the Japanese yen against the U.S. dollar and different large currencies,” Innes said.

The yen reached a caller 34-year debased aft the Bank of Japan’s determination to support involvement rates unchanged Friday. That was successful enactment with expectations, but what was unexpected was the cardinal bank’s evident deficiency of important interest astir the speech rate, Innes added.

In currency trading Monday, the U.S. dollar edged up to 159.17 Japanese yen from 158.30 yen. The euro outgo $1.0716, up from $1.0699.

A anemic yen tin beryllium a boon for Japan's elephantine exporters similar Toyota Motor Corp. by boosting the worth of their overseas net erstwhile converted into yen.

But a anemic currency tin wounded the system successful the agelong tally due to the fact that it reduces purchasing powerfulness and imaginable wage growth. Japan imports astir each its energy.

On Wall Street, shares closed retired a comparatively coagulated week connected Friday, with the S&P 500 rallying 1% to decorativeness its archetypal winning week successful the past four.

The Dow Jones Industrial Average roseate 153 points, oregon 0.4%, and the Nasdaq composite jumped 2%.

Recent information connected U.S. ostentation person analysts expecting the Federal Reserve to support rates connected hold. Its main involvement complaint has been sitting astatine the highest level since 2001. A study released Friday showed ostentation remaining high.

After earlier indicating that 3 cuts to involvement rates could hap this year, apical Fed officials person since said they could clasp its main involvement complaint precocious for a portion to guarantee ostentation heads down toward the 2% target.

Treasury yields mostly eased Friday successful the enslaved marketplace pursuing the study connected inflation. The output connected the 10-year Treasury fell to 4.66% from 4.71% precocious Thursday. The two-year Treasury yield, which much intimately tracks expectations for the Fed, held steadier. It edged down to 4.99% from 5.00%.

All told, the S&P 500 roseate 51.54 points to 5,099.96. The Dow added 153.86 to 38,239.66, and the Nasdaq gained 316.14 to 15,927.90.

In vigor trading, benchmark U.S. crude fell 80 cents to $83.05 a barrel. Brent crude, the planetary standard, mislaid 91 cents to $88.59 a barrel.