TOKYO (dpa-AFX) - The Japan stock market rebounded on Friday, one day after ending the three-day winning streak in which it had spiked almost 1,100 points or 1.8 percent. The Nikkei now sits just above the 59,710-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets is cautiously optimistic on easing oil prices and support from technology shares. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to follow the latter lead.
The Nikkei finished modestly higher on Friday following mixed performances from the financial shares and technology stocks, while the automobile producers were soft.
For the day, the index advanced 575.95 points or 0.97 percent to finish at 59,716.18 after trading between 59,225.37 and 59,763.68.
Among the actives, Nissan Motor tumbled 1.62 percent, while Mazda Motor tanked 2.71 percent, Toyota Motor retreated 1.79 percent, Honda Motor skidded 1.18 percent, Softbank Group rallied 2.16 percent, Mitsubishi UFJ Financial perked 0.13 percent, Mizuho Financial sank 0.85 percent, Sumitomo Mitsui Financial eased 0.06 percent, Mitsubishi Electric jumped 2.01 percent, Sony Group slumped 1.69 percent, Panasonic Holdings dropped 0.88 percent and Hitachi added 0.50 percent.
The lead from Wall Street is mixed as the Dow opened lower and finished the same way, while the NASDAQ and S&P began in the green and picked up steam as the day progressed.
The Dow shed 79.59 points or 0.16 percent to finish at 49,230.71, while the NASDAQ surged 398.10 points or 1.63 percent to end at 24,836.60 and the S&P 500 gained 56.68 points or 0.80 percent to close at 7,165.08.
For the week, the Dow slipped 0.4 percent, the NASDAQ jumped 1.5 percent and the S&P added 0.6 percent.
The rebound by the broader markets came amid a spike by shares of Intel (INTC) after the chipmaker reported much better than expected first quarter earnings and forecast Q2 revenues above estimates.
Buying interest was also generated in reaction to a pullback by the price of crude oil, which has soared over the past few sessions. President Donald Trump's announcement of a three-week extension of the ceasefire between Israel and Lebanon has also weighed on crude oil prices.
Crude oil prices slumped on Friday as the prospects of a peace deal between U.S. and Iran gather steam, lowering Middle East tensions. West Texas Intermediate crude for June delivery was down $1.68 or 1.75 percent at $94.17 per barrel.
Closer to home, Japan will see February results for its leading and coincident indexes later today. The leading index is expected to add 0.3 percent on month, slowing from 1.7 percent in January. The coincident is tilled to fall 1.6 percent on month after gaining 3.4 percent in the previous month.
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