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Most Asian stocks rose on Monday after Wall Street ended last week with the best day for the stock market in more than two months in a rise supported by cooler-than-expected US employment data.
US futures rose and oil prices rose.
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The Japanese yen fell slightly after its value swung from 160.25 yen to the US dollar to 151.86 late last week following suspected government interference. The price of the dollar is 153.93 yen, up from 152.90 yen.
Japanese Finance Minister Shunichi Suzuki told a crowd of participants at the annual meeting of the Asian Development Bank, held in Tbilisi, Georgia, that rapid fluctuations are hurting households and businesses.
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The euro rose to $1.0765 from $1.0763.
Hong Kong's Hang Seng Index lost 0.2% to 18,447.12, while the Shanghai Composite Index rose 0.9% to 3,133.92 as markets reopened after a week-long holiday. A private sector survey showed on Monday that the country's services sector grew at a slower pace in April due to higher costs despite a rise in new orders and improved business sentiment.
In Australia, the S&P/ASX 200 index rose 0.5 percent to 7,669.50 points. Taiwan's TAEX index rose 1.2%.
Japan and South Korea markets were closed for holidays.
On Friday, the S&P 500 rose 1.3% to 5,127.79, its best day since late February. The main index also erased its losses during the week.
The Dow Jones Industrial Average rose 1.2% to 38,675.68 points. The Nasdaq Composite Index finished 2% higher to close at 16,156.33, reflecting strong gains in technology stocks, which accounted for most of the rise.
The country's employers added 175,000 jobs last month, down sharply from the large gain of 315,000 jobs in March, according to the Labor Department. The latest employment tally was well below the 233,000 increase economists had expected. Meanwhile, average hourly earnings, the main driver of inflation, rose less than expected.
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The modest increase in hiring last month suggests the Federal Reserve's series of interest rate hikes may finally be starting to have a greater impact on the world's largest economy. This could help reassure the Fed that inflation will decline further, which could bring the central bank closer to cutting interest rates.
Friday's market rally was broad-based, although technology stocks consolidated much of the gains. Apple shares jumped 6% after announcing a massive stock buyback worth $110 billion. The tech giant late Thursday announced the largest quarterly decline in iPhone sales since the start of the pandemic.
Microsoft shares rose 2.2%, and NVIDIA shares added 3.5%.
Many companies achieved gains after announcing strong quarterly results.
Amgen stock rose 11.8% after the biotechnology company gave investors an encouraging update on a potential obesity drug. Live Nation Entertainment added 7.2% after the ticket seller and concert promoter beat analysts' expectations for first-quarter revenue.
Motorola Solutions stock closed 5.2% higher after the communications equipment maker raised its earnings forecast for this year.
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Booking Holdings rose 3% after reporting better-than-expected first-quarter bookings and revenue. Another online travel company, Expedia Group, did not fare as well, although its latest quarterly results beat Wall Street targets. Its shares fell 15.3% for the biggest drop among S&P 500 stocks after it cut its full-year bookings guidance because its Vrbo rental unit was slow to recover from its move to the Expedia platform.
In energy trading, benchmark U.S. crude rose 23 cents to $78.34 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 18 cents to $83.14 a barrel.
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