Japan Stock Market May Add To Its Winnings

(RTTNews) - The Japan stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had tallied more than 3,800 points or 7.2 percent. The Nikkei finished just beneath the 57,900-point plateau and it may extend its gains on Wednesday. The global forecast for the Asian markets is upbeat on tumbling crude oil prices and hopes for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow suit. The Nikkei finished sharply higher on Tuesday following gains from the financial shares, technology stocks and automobile producers. For the day, the index soared 1,374.62 points or 2.43 percent to finish at 57,877.39 after trading between 57,010.18 and 57,979.82. Among the actives, Nissan Motor accelerated 1.44 percent, while Mazda Motor jumped 1.87 percent, Toyota Motor rose 0.21 percent, Honda Motor expanded 1.20 percent, Softbank Group skyrocketed 12.70 percent, Mitsubishi UFJ Financial fell 0.35 percent, Mizuho Financial collected 0.82 percent, Sumitomo Mitsui Financial shed 0.68 percent, Mitsubishi Electric added 0.77 percent, Sony Group advanced 0.89 percent, Panasonic Holdings strengthened 1.32 percent and Hitachi rallied 2.25 percent. The lead from Wall Street is firm as the major averages opened solidly in the green on Tuesday and continued to climb as the day progressed, ending at session highs. The Dow jumped 317.74 points or 0.66 percent to finish at 48,535.99, while the NASDAQ soared 455.35 points or 1.96 percent to end at 23,639.08 and the S&P 500 rallied 81.14 points or 1.18 percent to close at 6,967.38. The continued strength on Wall Street came amid optimism about a second round of talks between the U.S. and Iran over ending the Middle East conflict. The news about potential negotiations contributed to a sharp pullback by the price of crude oil. In addition, the International Energy Agency's report cautioning crude oil "demand destruction" weighed on prices. West Texas Intermediate crude for May delivery was down $7.18 or 7.25 percent at $91.90 per barrel. Adding to the positive sentiment, a report from the Labor Department showed producer prices in the U.S. increased much less than expected last month. Closer to home, Japan will provide February numbers for core machinery orders later this morning, with forecasts suggesting a decline of 1.1 percent on month and a gain of 8.5 percent on year. That follows the 5.5 percent monthly drop and the 13.7 percent yearly increase in January. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.