TOKYO (dpa-AFX) - The Japan stock market rebounded on Monday, one session after ending the two-day winning streak in which it had surged almost 3,500 points or 5.6 percent. The Nikkei 225 now sits just beneath the 69,950-point plateau and it may extend its gains on Tuesday.
The global forecast for the Asian market is cautiously optimistic thanks to easing crude oil prices and hopes for an end to the conflict in the Middle East. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The Nikkei finished sharply higher on Monday following gains from the technology stocks and financial shares, although the automobile producers were weak.
For the day, the index surged 1,637.40 points or 2.40 percent to finish at 69,946.86 after trading between 69,050.23 and 70,072.13.
The lead from Wall Street is positive as the major averages opened mixed on Monday but generally trended higher throughout the trading day, ending near session highs.
The Dow added 90.94 points or 0.18 percent to finish at 51,267.90, while the NASDAQ jumped 286.45 points or 1.05 percent to end at a record 27,477.31 and the S&P 500 gained 51.23 points or 0.66 percent to close at 7,773.95.
The strength on Wall Street may partly have reflected easing concerns about the outlook for interest rates following last week's inflation and employment data.
On Wednesday, the Fed is scheduled to release the minutes of its latest monetary policy meeting, which may shed additional light on the outlook for rates.
In U.S. economic news, a report released by the Institute for Supply Management showed a modest slowdown in the pace of growth in U.S. service sector activity in September.
Crude oil prices moved sharply lower on Monday amid indications that exports from the Middle East are returning to pre-war levels despite the ongoing conflict between the U.S. and Iran. West Texas Intermediate for November delivery sank $1.21 or 1.3 percent to $89.90 a barrel.
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