As geopolitical fog intensified on global markets, leading to major declines with the past two weeks, US stocks opened higher yesterday led by technology and retail stocks after falling for four consecutive sessions; the benchmark Standard & Poor's 500 Index on the verge of falling to very low levels .
The Dow Jones industrial average <.DJI> was up 65.53 points, or 0.30 percent, at 21,857.73. The Standard & Poor's 500 index gained 12.02 points, or 0.51 percent, to 2,363.12 points. The Nasdaq Composite Index gained 64.94 points, or 1.05 percent, to 6,257.86 points at the open. Earlier in the day, Japan's Nikkei, which fell to speculation on lower prices in the previous session, closed higher after swinging, supported by citywide coverage.
The benchmark index ended 0.89 percent higher at 1,327.06 points, barely recovering from a 5.01 percent drop on Tuesday - the sharpest one-day drop in more than two years. Retail sales were down about 21 per cent from the 27-year peak recorded in early October to keep the index within the range of betting on the previous day's decline.
Nikkei swung in the afternoon trade, shifting to losses that once reached more than 1 percent, and then rebounded in late trading to close on a rally. The broader Topix index <.TOPX> was up 1.12 percent at 1,431.47 points, but remains down 25.1 percent from the peak of 1911.31 points in late January.
Some of Japan's heavyweights rallied yesterday, boosted by what analysts said was city center coverage, with Toyota Motor up 1.1 percent, Sony Corp 2.1 percent and Nintendo 1.2 percent.