Asian Shares Rally as Dow Hits 52,900 and U.S. Adds 57,000 Jobs
Updated
Updated · Newsday · Jul 3
Asian Shares Rally as Dow Hits 52,900 and U.S. Adds 57,000 Jobs
3 articles · Updated · Newsday · Jul 3
Summary
South Korea’s Kospi rebounded 2.8% after Thursday’s nearly 8% slide, while Hong Kong rose 1.7%, Tokyo gained 0.9% and Shanghai added 0.7%.
A 57,000 increase in U.S. payrolls, below the 100,000 economists expected, eased fears that oil-driven inflation will force the Federal Reserve to raise rates several times this year.
Wall Street set the tone overnight: the Dow rose 1.1% to a record 52,900.07, while the S&P 500 was flat and the Nasdaq fell 0.8% as chip stocks stayed under pressure.
Samsung jumped 7% and SK Hynix gained 4.9% in Seoul, but AI-linked weakness persisted elsewhere, with Nvidia down 1.4%, Micron off 5.5% and Lam Research tumbling 10.2%.
Oil prices edged higher Friday—Brent at $72.26 and U.S. crude at $69.05—but both remained below prewar levels, reinforcing hopes inflation pressure may cool.