TOKYO (dpa-AFX) - The Japan stock market on Monday ended the five-day losing streak in which it had plummeted almost 7,200 points or 11.6 percent. The Nikkei 225 now sits just above the 57,775-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is upbeat on sinking oil prices and rebounding technology shares. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.
The Nikkei finished sharply higher on Monday following gains from the finance, metal, technology and energy companies.
For the day, the index surged 1,340.50 points or 2.33 percent to finish at 58,775.50 after trading between 57,775.16 and 59,440.18.
The lead from Wall Street is broadly positive as the major averages opened sharply higher and continued to accelerate throughout the day, ending near session highs.
The Dow surged 1,104.02 points or 2.15 percent to finish at 52,389.75, while the NASDAQ rallied 673.71 points or 2.74 percent to close at 25,253.14 and the S&P 500 spiked 173.08 points or 2.35 percent to end at 7,549.94.
The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels following last week's historic sell-off. Technology stocks led the way higher again, helping the NASDAQ recover further from its lowest levels in over six months.
The extended recovery by tech stocks comes despite a sharp pullback by shares of Nvidia (NVDA) after the chipmaker said it would open an investigation into reports that CEO Jensen Huang was the target of a foreign intelligence effort.
Buying interest has also been generated in reaction to a steep drop by the price of crude oil, with U.S. crude oil futures plunging by more than 3 percent.
Crude oil prices plummeted on Monday after U.S. President Donald Trump downplayed the possibility for fresh strikes on Iran that diminished supply disruption concerns. West Texas Intermediate crude for December delivery was down $3.25 or 3.58 percent at $87.58 per barrel.
Closer to home, Japan will release September figures for household spending and current account later this morning. Household spending is expected to add 0.3 percent on month and fall 3.1 percent on year after rising 0.1 percent on month and falling 3.1 percent on year in August. The current account is expected to show a surplus of 3.354 trillion yen, down from 4.062 trillion yen in the previous month.
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