Traders See End to ‘Feverish Fear-Mongering’ After Stocks Surge
- Bargain hunters came back with a bang, Oanda’s Innes said
- Japan’s Topix and Nikkei 225 jumped more than 4 percent each
Photographer: Kiyoshi Ota/Bloomberg
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Some Asia equity traders greeted U.S. stocks’ best rally since 2009 -- and subsequent strong gains in Japanese shares -- with conviction that this is more a turning point than a dead cat bounce.
As Japan’s Topix index and Nikkei 225 Stock Average jumped more than 4 percent on Thursday, following an almost 5 percent advance in the S&P 500 Index, they pointed to economic conditions in the U.S., which they say don’t justify the December equities rout. Any doubts about the health of the American economy were called into question during the Asian night when Amazon.com Inc. surged 9.5 percent after reporting record holiday sales.