Nikkei rebounds after four-day slide

By Shawn Price  |  March 10, 2016 at 5:03 AM
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TOKYO, March 10 (UPI) -- Tokyo stocks came back to life after a four-day slide, buoyed by rising oil prices, a softer yen and the possibility of new stimulus by the European Central Bank.

The Nikkei finished at 16,852.35, up 210.15 points, or 1.26 percent over Wednesday. The broader Topix finished at 1,352.17, 19.84 points higher or 1.49 percent.

"Oil is playing a dominant role in driving market action," said Yutaka Miura, senior technical analyst at Mizuho Securities Co. Oil prices have also indicated global economic health. "The rebound has lifted risk appetite."

Pulp, paper, rubber and textile led industrial stocks rise on the day, with electric power, gas and real estate finishing down.

The crude futures rallied in New York, ending at a three-month high of $32.29 a barrel, driving Tokyo stocks higher out of the gate on Thursday. Shares continued upward in the afternoon as the yen weakened against the dollar.

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