clearn.png
Friday December 3rd, 2021 4:44AM

Stocks open higher on Wall Street, natural gas prices climb

By The Associated Press
Related Articles
  Contact Editor

Stocks are opening broadly higher on Wall Street, extending a push past the record highs they reached last week. The S&P 500 rose 0.3% in the early going on Tuesday. Energy companies and banks were posting some of the biggest gains. Natural gas prices jumped 8% to their highest level since November as a bitter winter storm left millions without power amid subfreezing temperatures. Safe-play sectors like real estate companies and utilities lagged the rest of the market as traders increased their appetite for risk. Treasury yields continued to climb, pushing the yield on the 10-year Treasury note up to 1.26%

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

TOKYO (AP) — Global shares advanced on Tuesday, lifted by the economic recovery, vaccine rollouts and signs that new coronavirus cases may be abating.

U.S. markets were closed Monday for Washington's Birthday, a national holiday. Shanghai remains closed for the Lunar New Year, until Thursday.

France's CAC 40 edged up nearly 0.2% to 5,795.86 in early trading, while Germany's DAX added 0.1% to 14,126.81. Britain's FTSE 100 gained 0.3% to 6,774.58. U.S. shares were set to drift higher with Dow futures adding 0.6% to 31,600. S&P 500 futures rose 0.5% to 3,950.88.

Japan's benchmark Nikkei 225 jumped 1.3% to finish at 30,467.75, after closing the day before above 30,000 for the first time since August 1990. In Hong Kong, the Hang Seng added 1.9% to 30,746.66. South Korea's Kospi gained 0.5% to 3,163.25, while Australia's S&P/ASX 200 added 0.7% to 6,917.30.

Despite data that show regional economies have been hit hard by the pandemic, investors are still sending indexes ever higher. Analysts think Asian shares will continue to rally, cheered by the recent gains on the U.S. and European markets.

Hopes for a recovery are being driven partly by the COVID-19 vaccine rollouts, said Prakash Sakpal, senior economist Asia at ING.

“Gains will still likely be capped as investors remain wary of newer strains of the variant, which may be more resilient to existing vaccines," he added.

A vaccine rollout is starting soon in Japan, a nation that's lagged behind the U.S. and Europe with the inoculations. It begins with about 20,000 medical workers, followed by 3.7 million more medical workers. The government's goal is to have shots available for elderly people in April, and for everyone by June.

Government data earlier this week showed the Japanese economy has rebounded from the growth drop experienced earlier over COVID-19, but contracted for 2020 overall. It's unclear whether the world's third largest economy can stay on the growth track, as worries continue about an ongoing wave of infections.

Uncertainty about whether the Tokyo Olympics can go on in July, postponed from last year, with no foreign spectators or perhaps no spectators at all, is adding to the gloom.

Still, optimism remains over stimulus measures, including trillions of dollars more aid from the U.S. government. Some companies have released surprisingly strong earnings reports, adding to investor enthusiasm.

“Global equity markets remain on the climb into this week with the multitude of positive factors, including U.S. fiscal stimulus hopes, positive earnings and the vaccine rollout supporting sentiment,” said Jingyi Pan, senior market strategist at IG in Singapore.

U.S. benchmarks ended last week at record highs.

In energy trading, U.S. benchmark crude oil added 63 cents to $60.10 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.23 to $59.47 per barrel on Friday. Brent crude, the international standard, gained 15 cents to $63.45 per barrel.

In currency trading, the U.S. dollar inched up to 105.51 Japanese yen from 105.39 yen. The euro strengthened to $1.2139 from $1.2131.

___

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Democratic congressman sues Trump over role in Capitol riot
A Democratic congressman has sued Donald Trump, alleging Trump incited the deadly insurrection at the Capitol
10:02AM ( 15 minutes ago )
Winter's wrath: Bitter cold, no power and a deadly tornado
A tornado has killed at least three people in a seaside town in North Carolina, at the rough edge of a blast of winter weather across the United States
10:00AM ( 18 minutes ago )
Stocks open higher on Wall Street, natural gas prices climb
Stocks are opening broadly higher on Wall Street, extending a push past the record highs they reached last week
9:46AM ( 31 minutes ago )
Associated Press (AP)
The Latest: EU says Moderna to fill vaccine gap by March
The European Commission says it expects Moderna to make up a shortfall in deliveries of its COVID-19 vaccine by next month
8:34AM ( 1 hour ago )
CVS posts strong Q4 numbers, but pandemic weighs on results
CVS is reporting surprisingly strong profit and revenue numbers for the fourth quarter, though the pandemic dragged adjusted operating income down by 21.8%
8:13AM ( 2 hours ago )
Bitcoin, seemingly omnipresent, crosses the $50,000 mark
After a wild week in which Bitcoin soared to new heights, Bitcoin is crossing the $50,000 mark
8:11AM ( 2 hours ago )
AP Business
As the virus crisis drags on, hard-hit French youth struggle
The long lines of young people waiting for food aid that stretch through Paris neighborhoods several times a week are a dramatic symbol of the toll the coronavirus pandemic has taken on France’s youth
4:44AM ( 5 hours ago )
Global shares extend gains on global optimism, vaccine hopes
Global shares are rising, lifted by the economic recovery, vaccine rollouts and signs that new coronavirus cases may be abating
3:48AM ( 6 hours ago )
Asian shares extend gains on global optimism, vaccine hopes
Asian shares are rising, lifted by the economic recovery, vaccine rollouts and signs that new coronavirus cases may be abating
3:13AM ( 7 hours ago )
AP Business - Economy
Tokyo surges to 30-year high as shares start week with rally
Asian shares started the week off with a rally, as Japan's Nikkei 225 index briefly topped 30,000 for the first time since 1990
11:48PM ( 1 day ago )
Kosovo voters choose a new parliament amid the pandemic
Kosovo’s voters defied freezing weather to vote in an early parliamentary election to form a new government amid the coronavirus pandemic, an economic downturn and stalled negotiations with wartime foe Serbia
3:12PM ( 1 day ago )
Kosovo voters choose new parliament amid pandemic
Kosovo’s voters defied freezing weather to vote in an early parliamentary election to form a new government amid the coronavirus pandemic, an economic downturn and stalled negotiations with wartime foe Serbia
11:12AM ( 1 day ago )
AP Business - Financial Markets
Officials: 2 dead in Texas as subfreezing cold sweeps US
Officials say a frigid blast of winter weather across the U.S. is likely to blame for the deaths of two people in Texas
9:40PM ( 12 hours ago )
WHO authorizes AstraZeneca's COVID vaccine for emergency use
The World Health Organization has granted an emergency authorization to the coronavirus vaccine made by AstraZeneca and Oxford University
8:44PM ( 13 hours ago )
'Things will likely get worse': Cold disrupts power in Texas
A frigid blast of winter weather across the U.S. has left more than 2 million people in Texas without power
7:45PM ( 14 hours ago )
AP Business - Industries
Power cut across Texas as snow, ice blanket southern Plains
The Texas council that manages the majority of the state's electricity has initiated rotating power outages as the state experiences a winter storm dropping snow, ice and temperatures
10:46AM ( 23 hours ago )
Wintry weather blanketing US making rare dip to Gulf Coast
Snow and ice blanketed large swaths of the U.S. on Sunday, with areas as far south as Texas’ Gulf Coast beginning to get the wintry weather
10:27PM ( 1 day ago )
GM's Chevy Bolt SUV joins parade of new US electric vehicles
Whether people want them or not, automakers are rolling out new electric vehicle models
5:33PM ( 1 day ago )
AP Business - Utilities
Democratic congressman sues Trump over role in Capitol riot
A Democratic congressman has sued Donald Trump, alleging Trump incited the deadly insurrection at the Capitol
10:02AM ( 15 minutes ago )
Winter's wrath: Bitter cold, no power and a deadly tornado
A tornado has killed at least three people in a seaside town in North Carolina, at the rough edge of a blast of winter weather across the United States
10:00AM ( 18 minutes ago )
Latinos face barriers like fear, language in getting vaccine
Latinos are facing daunting barriers to getting COVID-19 vaccines, creating a risk for public health as the coronavirus mutates and spreads
9:27AM ( 50 minutes ago )
Chinese vaccine arrives in Hungary, a first in the EU
A shipment of COVID-19 vaccines produced in China has arrived in Hungary
9:21AM ( 56 minutes ago )
Muted Mardi Gras: Closed bars, barricaded Bourbon Street
Mardi Gras has arrived in New Orleans
9:20AM ( 57 minutes ago )