Some good news, I hope it holds, Stan.
Tokyo Stocks Snap 5-Day Skid
story.news.yahoo.com
TOKYO (Reuters) - Japanese stocks snapped a five-day losing skid on Tuesday after solid earnings from top U.S. companies and the ensuing rally on Wall Street lured buyers back to Toyota Motor Corp and other battered blue chips.
The benchmark Nikkei average ended up 1.12 percent or 86.73 points at 7,838.83 after sliding six percent over the past five sessions to a two-decade low. The broader TOPIX index of all first section stocks rose 1.63 percent to 788.24.
Most blue-chip exporters moved higher after encouraging earnings from Citigroup Inc and other bellwether firms sent the Dow Jones average up 1.8 percent, and following a rise by International Business Machines in after-hours trade.
Sony Corp (news - web sites), the world's top consumer electronics maker, rose 2.62 percent to 3,910 yen, while top automaker Toyota put on 3.63 percent to 2,570, bouncing off of Monday's seven-year low.
"So far, earnings out of the U.S. look solid and that has investors bargain hunting and covering short positions," said Hideki Kamiya, senior fund manager at Resona Asset Management. |
