AFP, New York :
Wall Street stocks defied the norm Friday, rising while overseas bourses tumbled, following solid US jobs and manufacturing data.
The S&P 500’s 0.6 percent gain stood out compared with sizeable declines in most of the stock markets in Europe and Asia following dismal Japanese economic data and a drop in oil prices.
“Given the underwhelming investment options around the world, if you want to invest in an equities market (Wall Street) remains one of the better places to be,” said Michael James, managing director of equity trading at Wedbush Securities.
“Our economy here in the US continues to be better than the majority of worldwide economies.”
Japan opened the day on a sour note with the Bank of Japan’s quarterly Tankan report of 10,000 manufacturing firms showing sentiment plunging to the worst level since Prime Minister Shinzo Abe put his growth drive fully into action in 2013.
“It’s become clear that the economy is weakening,” said Kohei Iwahara, director of economic research at Natixis Japan Securities, one of several analysts to predict more aggressive action from Japanese policy makers.
Oil prices fell about four percent after Saudi Arabia’s deputy crown prince, Mohammed bin Salman, suggested to Bloomberg News that the kingdom would freeze output only if the
Wall Street stocks defied the norm Friday, rising while overseas bourses tumbled, following solid US jobs and manufacturing data.
The S&P 500’s 0.6 percent gain stood out compared with sizeable declines in most of the stock markets in Europe and Asia following dismal Japanese economic data and a drop in oil prices.
“Given the underwhelming investment options around the world, if you want to invest in an equities market (Wall Street) remains one of the better places to be,” said Michael James, managing director of equity trading at Wedbush Securities.
“Our economy here in the US continues to be better than the majority of worldwide economies.”
Japan opened the day on a sour note with the Bank of Japan’s quarterly Tankan report of 10,000 manufacturing firms showing sentiment plunging to the worst level since Prime Minister Shinzo Abe put his growth drive fully into action in 2013.
“It’s become clear that the economy is weakening,” said Kohei Iwahara, director of economic research at Natixis Japan Securities, one of several analysts to predict more aggressive action from Japanese policy makers.
Oil prices fell about four percent after Saudi Arabia’s deputy crown prince, Mohammed bin Salman, suggested to Bloomberg News that the kingdom would freeze output only if the
