Wall Street stocks expanded weekly gains after recession worries eased and hopes of the Fed avoiding dipping the economy into a recession. World markets advanced and focus shifted to corporate earnings season.
The Chinese government is looking to provide large financial support and relief to 30 large struggling property developers. Japanese yen rose to a seven-month high after bond yields advanced. India's moderating inflation supported market advance.
Stocks lacked direction and trimmed weekly gains after large banks reported earnings. Wells Fargo and Citigroup increased loan loss provisions and Bank of America and JPMorgan Chase forecasted mild recession in the year.
Tech stocks extended rally for the fifth day in a row after cooling inflation supported the case for a smaller rate hike. Treasury yields inched lower after inflation decelerated for the sixth month in a row.
December inflation moderated for the sixth month in a row in the U.S. after energy prices fell sharply but housing inflation remained elevated and showed no signs of easing. European markets advanced. China's inflation accelerated.
China's inflation in December accelerated after food prices rebounded. Japan's current account turned to a surplus in November but the trade deficit remained elevated.
Tech-heavy Nasdaq closed higher for the fourth day in a row as investors anticipated moderating consumer prices in December inflation report on Thursday.
Stocks attempted to rally for the second day in a row and tech stocks trimmed day's gains. Merger Monday also bolstered market sentiment after at least three deals worth $5 billion were announced.
U.S. stocks traded higher on the second day after December jobs report sparked a worldwide market rally supported by China optimism and receding inflation expectations.
Benchmark indexes soared after the labor market expanded at a moderate pace in December raising hopes of peaking inflation and slowing down the pace of interest rate increases.
With two jobs reports highlighting strong labor market and a third report on the way on Friday, stocks turned lower and benchmark indexes are set to extend weekly losses to the fifth.
