The Taiwan stock market successfully managed to reverse a two-day slide which had previously led to nearly 100 points loss or approximately 0.5 percent. Now, the Taiwan Stock Exchange is comfortably positioned just below the 20,200-point plateau, and the expectation is that it will open at a higher point on Friday.The positive global forecast for Asian markets predominantly stems from optimism regarding interest rate projections. With European and U.S. markets experiencing increases, it is projected that Asian markets will follow the same trend.Massive gains were seen across the Taiwan Stock Exchange on Thursday; areas specifically witnessed significant improvements were the financial shares and technology stocks sectors. The market index rallied 414.64 points or 2.10 percent, concluded at 20,199.09 after trading within the range of 19,843.80 and 20,199.30.Companies driving this growth include Cathay Financial, Mega Financial, and CTBC Financial, who gained a percentage of 2.21, 1.12, and 2.24 respectively. Tech giants like Taiwan Semiconductor Manufacturing Company and Hon Hai Precision also showed appreciable progress.Wall Street provided a positive impression with average stocks opening on Thursday at moderate highs, remaining positive throughout the session and closing with new record highs. The Dow increased by 269.24 points or 0.68 percent and closed at 39,781.37, NASDAQ made gains of 32.43 points or 0.20 percent to close at 16,401.84 and the S&P 500 increased by 16.91 points or 0.32 percent to a closing point of 5,241.53.Continuing positive reactions to Wednesday’s Federal Reserve monetary policy announcement boosted stocks. Although interest rates remained unchanged, three rates cuts are still anticipated this year.In additional news, the U.S. Labor Department reported a minor decrease in first-time claims for U.S unemployment benefits in the previous week. Furthermore, the National Association of Realtors has reported an unexpected increase in existing home sales for February.Nevertheless, crude oil futures on Thursday witnessed a decrease due to a surge in the dollar’s strength and weak gasoline demand in the U.S. West Texas Intermediate Crude oil futures for May fell by $0.20, settling at $81.07 a barrel.Finally, Taiwan is expected to release the unemployment rate for February at the end of this month. The previous month, January, the unemployment rate stood at 3.39 percent.The material has been provided by InstaForex Company – www.instaforex.com
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