Tokyo Stocks Close Higher
TOKYO (AP) _ Stocks rose Wednesday in the Tokyo stock market, recovering some ground lost in the previous session. The U.S. dollar slipped against the yen.
The benchmark 225-issue Nikkei Stock Average gained 127.18 points, or 0.93 percent, to end at 13,765.51. On Tuesday, the average fell 223.98 points, or 1.64 percent.
The dollar bought 122.14 yen by late afternoon, down 0.36 yen from late Tuesday in Tokyo and also below its late New York level of 122.15 yen. It traded in a range of 121.72 yen to 122.27 yen.
Sharp gains in U.S. stocks on Tuesday triggered investor buying. Hopes for government steps to buoy the sagging economy also supported sentiment, traders said.
In New York, a better-than-expected U.S. consumer confidence report sent shares higher Tuesday on hopes that Americans’ spending could revive company profits earlier than anticipated.
The New York-based Conference Board said Tuesday its Consumer Confidence Index rose to 117 in March, up from a revised 109.2 in February.
The Dow Jones industrial average climbed 260.01 points to 9,947.54 at Tuesday’s close. The Nasdaq composite index ended at 1,972.26, up 53.77
The broader Tokyo Stock Price Index of all issues listed on the first section finished up 7.62 points, or 0.57 percent, at 1,337.29 on Wednesday. The index fell 7.96 points, or 0.59 percent, on Tuesday.
Advancers slightly outnumbered decliners by 699 to 655 while 111 issues finished unchanged. Trading volume rose to 872 million shares from 846.91 million shares on Tuesday.
The dollar fell against the yen as investors continued to take profits following the greenback’s rise to a new 22-month high last week.
The euro was traded at 108.78 yen, down from 109.77 yen late Tuesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond stood at 1.3300 percent, up from Tuesday’s finish of 1.2350. Its price fell 0.82 point to 97.98 from Tuesday.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp