US markets were closed higher overnight after bargain hunters kicked in and a milder-than-expected drop in a regional manufacturing report helped to boost stocks on Thursday. Economic readings on Thursday sent mixed signals; the labor department said that the number of jobless claims rose to the highest in 2 months while Conference Board said that its index of leading economic indicators fell, as expected for fifth month. The less than expected drop in manufacturing gave a reason for Wall St to buy back into stocks after sharp declines the day before. The plunge in commodity prices also gave investors some hope that lower prices may ease inflation concerns. There are speculations that the worst is behind us and that The Fed's move may proved to be effective. The Dow rose 261.66 pts or 2.16% to 12361.32, S&P500 rose 31.09 pts or 2.39% to 1329.51 while Nasdaq rose 48.15 pts or 2.18% to 2258.11.
Asian markets may open higher today following the renewed optimism in the US and the rally posted on Wall St last night. The drop in commodity prices may help the market today as more money may be used by investors to buy back into stocks. Lower commodity prices may also ease inflation concerns in the region. Crude oil was recently traded at 101.84ish per barrel, gold traded around $909.60ish and JPY traded around 99ish. Nikkei futures closed at 12280 in CME overnight compared to the close of 12085 here on Wednesday.
The Kospi may open higher today and may go beyond the 210 level today. The US rally overnight may pace the gains and also lower oil prices may boost airlines stocks higher. Bargain hunting may buy back stocks but also there maybe still some nervousness in the market which may create high volatilities in the market today.
Hangseng market is closed for holiday today.
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