Japanese stocks soared today (December 24th) after Wall Street ended on a record closing-high yesterday after the release of data showing the US economy grew by five per cent in the last quarter, which exceeded the previous forecast of 3.9 per cent.
The broader Topix gained 0.9 per cent to 1,425.18, while the JPX-Nikkei Index 400 advanced 0.8 per cent to 12,946.84.
Yesterday, the Dow Jones closed above 18,000 for the first time ever and the S&P 500 also hit a record high, after the US economy grew at its fastest pace since 2003. The US Commerce Department said the results are due to strong consumer and business spending.
This data confirmed the US economy is on track to a steady recovery and gave credence to the Fed's statement that the central bank will likely raise interest rates after April 2015.
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