Stock market today: Asian shares mostly rise after Wall Street rebound led by tech stocks
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Asian shares mostly rose on Friday, following a Wall Street rally led by big tech stocks. Japan's Nikkei 225 added 0.5%, Australia's S&P/ASX 200 jumped 1.5%, and South Korea's Kospi surged 2.7%. However, Hong Kong's Hang Seng shed 0.4% and the Shanghai Composite index dropped 2.4%. On Wall Street, the S&P 500 gained 1.2%, the Dow Jones Industrial Average rose 1%, and the Nasdaq composite leaped 1.3%. Big Tech stocks, such as Microsoft and Alphabet, played a significant role in the market rebound. The positive sentiment was also supported by reports suggesting a solid economy and easing inflation pressures. Merck and Etsy reported stronger-than-expected profit and revenue, while New York Community Bancorp fell after reporting a loss and cutting its dividend. Peloton Interactive dropped after giving a revenue forecast that fell short of expectations. Traders are betting that the Federal Reserve will begin cutting interest rates in May. In energy trading, benchmark U.S. crude rose to $74.09 a barrel, and the U.S. dollar was little changed against the Japanese yen and the euro.
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