Asian shares rose Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. Trading was closed in China for the Dragon Boat Festival, a national holiday. Benchmarks in the rest of the region edged higher, cheered by a rally overnight on Wall Street.
A currency trader walks by the screens showing the Korea Composite Stock Price Index at a foreign exchange dealing room in Seoul, South Korea, June 3, 2022. Asian shares rose Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China.
Japan and the U.S. signed a revision on the “beef safeguard” mechanism under the U.S.-Japan Trade Agreement, which will help American beef producers meet Japan’s growing demand for high-quality beef. The deal will reduce the chances Japan's safeguard duties would be imposed on U.S. beef, both sides said. That happened in early 2021.
The S&P 500 rose 1.8% to 4,176.82, with more than 85% of the stocks in the benchmark index notching gains. The Dow Jones Industrial Average rose 1.3% to 33,248.28, while the Nasdaq climbed 2.7% to 12,316.90. Trading has been choppy in recent days as investors remain worried about inflation and the interest rate increases the Federal Reserve is using to fight it. Thursday's market rally may have been spurred, in part, by a report showing private sector hiring that came in well below economists' forecasts.
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