Global equity markets moved higher as a strong rally in technology stocks boosted investor sentiment, while the Japanese yen weakened despite the Bank of Japan’s latest interest rate hike, reflecting ongoing uncertainty around policy effectiveness and economic growth.
Wall Street ends higher on tech-led rally
US equity benchmarks closed firmly in the green, driven largely by gains in heavyweight technology stocks and renewed risk appetite among investors.
- Dow Jones Industrial Average rose 183.04 points, or 0.38%, to close at 48,134.89
- S&P 500 advanced 59.74 points, or 0.88%, ending at 6,834.50
- Nasdaq Composite surged 301.26 points, or 1.31%, to settle at 23,307.62
The Nasdaq outperformed broader indices as investors rotated back into growth and technology stocks, betting on resilient earnings momentum and easing concerns around valuations.
Yen slips despite Bank of Japan rate hike
In currency markets, the Japanese yen weakened even after the Bank of Japan raised interest rates, underscoring market skepticism over the central bank’s ability to support the currency amid global yield differentials.
Analysts noted that while the rate hike was expected, it was not aggressive enough to offset capital outflows and the continued strength of US yields, keeping pressure on the yen.
Market sentiment remains cautiously optimistic
Overall, global market sentiment remains positive, supported by strong US equity performance and improving risk appetite. However, investors continue to closely track central bank actions, currency movements, and upcoming macroeconomic data for cues on the sustainability of the rally.
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