MANILA, Philippines (AP) — World shares mostly gained on Thursday after U.S. stocks settled near their records and U.S. President Donald Trump signed a government funding bill, ending the record 43-day shutdown.
The future for S&P 500 edged up 0.1% while that for the Dow Jones Industrial Average rose 0.2% ahead of the reopening of the federal government following the standoff that caused financial stress for federal workers who went without paychecks, stranded scores of travelers at airports and generated long lines at some food banks.
“The shutdown had blocked not just spending, but also delayed a raft of federal economic data,” Stephen Innes of SPI Asset Management said in a commentary, adding that “for markets, the only line that matters is simple: the lights are coming back on.”
In early European trading, Germany’s DAX slipped less than 0.1% to 24,374.90, while the CAC 40 in Paris rose 0.7% to 8,300.20. Britain’s FTSE 100 shed 0.3% to 9,881.42.
Asian shares were also mostly higher. Japan’s Nikkei 225 rose 0.4% to 51,281.83. But market heavyweight and tech giant SoftBank Group lost another 3.4% on top of a 3.5% drop on Wednesday after the company said it had sold all of its shares in computer chip maker Nvidia.
Hong Kong’s Hang Seng index rose 0.6% to 27,073.03, while the Shanghai Composite index jumped 0.7% to 4,029.50 as mainland stocks climbed ahead of updates on lending in China.
Australia’s S&P ASX 200 shed 0.5% to 8,753.40, falling for a third straight session as hopes for near-term interest rate cuts were quashed by strong jobs data that showed unemployment falling to 4.3% in October from 4.5% in September.
South Korea’s Kospi fluctuated between gains and losses, closing 0.5% higher to 4,170.63.
Taiwan’s Taiex index shed nearly 0.2% while India’s BSE Sensex added 0.2%.
On Wednesday, the S&P 500 added 0.1% and the The Dow Jones Industrial Average jumped 0.7%, setting a record for a second straight day, at 48,254.82. The Nasdaq composite slipped 0.3%.
Shares in airlines jumped on expectations of a recovery in air travel following the end of the shutdown.
Advanced Micro Devices led the market, gaining 9% after its CEO, Lisa Su, said the chip company expects better than 35% of annual compounded revenue growth over the next three to five years. She credited “accelerating AI momentum.”
Stocks benefiting from the artificial-intelligence frenzy have been shaky recently, as investors question whether how much more they can add to already spectacular gains.
They are one of the top reasons the U.S. market has hit records despite a slowing job market and high inflation. Their prices have shot so high, though, that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half.
Nvidia came into the day with a 4.6% drop for the month so far, for example, after its stock price more than doubled in four of the last five years. The biggest player in AI chips swung between gains and losses throughout Wednesday. Palantir Technologies, another AI darling, fell 3.6% for one of the day’s larger losses in the S&P 500.
Similar questions about prices are dogging much of the U.S. market, though not as pointedly as for Big Tech and AI superstars.
In other dealings early Thursday, U.S. benchmark crude oil fell 18 cents to $58.31 per barrel. Brent crude, the international standard, shed 16 cents to $62.55 per barrel.
The U.S. dollar fell to 154.55 Japanese yen from 154.70 yen. The euro rose to $1.1630 from $1.1594.
