Stock market today: Asian shares start week with gains
CTV
Asian shares were mostly higher Monday after a widespread rally on Wall Street partly spurred by Apple's report of better profit than expected.
Asian shares were mostly higher Monday after a widespread rally on Wall Street partly spurred by Apple's report of better profit than expected.
Tokyo's benchmark fell as markets reopened after several days of holidays, while markets in China advanced. U.S. futures edged lower and oil prices rose.
A report showed hiring accelerated across the economy by much more than expected last month. The government's jobs report also showed workers won bigger pay raises than expected.
Such trends helped calm worries that a recession is looming, even as time grows short on reaching an agreement on the U.S. government debt ceiling, Stephen Innes of SPI Asset Management said in a commentary.
"But anxiety is building early this time and shifted into high gear last week after Secretary Yellen warned that a default could occur as soon as June 1," he said.
Treasury Secretary Janet Yellen said Sunday that there are "no good options" for the United States to avoid an economic "calamity" if Congress fails to raise the nation's borrowing limit of US$31.381 trillion in the coming weeks.
The government would lack the funds to pay its obligations, she said in an interview on ABC's "This Week,"
