World shares rally and Japan’s Nikkei 225 jumps after a big victory for PM Takaichi’s ruling party

World shares rally and Japan’s Nikkei 225 jumps after a big victory for PM Takaichi’s ruling party

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NEW YORK — A rally for global stock markets that began in Asia petered out by the time trading got to Wall Street. The S&P 500 slipped 0.3% in early trading Monday. The Dow Jones Industrial Average fell 123 points, and the Nasdaq composite lost 0.5%. The modest moves followed a 3.9% burst higher to a record for the Nikkei 225 in Japan. Stocks rallied there following a landslide victory for the prime minister’s party in a parliamentary election. The thought is that will give Sanae Takaichi more power to push through reforms that will boost the economy and market.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

World shares advanced and Tokyo’s Nikkei 225 share index jumped as much as 5% to a record on Monday after Japanese Prime Minister Sanae Takaichi’s governing party secured a two-thirds supermajority in a parliamentary election.

In early European trading, Germany’s DAX gained 0.6% to 24,864.59, while the CAC 40 in Paris edged 0.2% higher, to 8,288.06. Britain’s FTSE 100 was up 0.3% at 10,399.61.

U.S. futures edged higher after the U.S. stock market roared back on Friday as technology stocks recovered much of their losses from earlier in the week and bitcoin halted its plunge. The future for the S&P 500 added 0.1%, while that for the Dow Jones Industrial Average was up 0.2%.

On Friday, the S&P 500 rallied 2% for its best day since May. The Dow industrials soared 2.5%, topping the 50,000 level for the first time. The Nasdaq composite leaped 2.2%.

The combination of a rebound in tech shares, Wall Street’s rally and other upbeat news lifted shares early Monday.

In Tokyo, the Nikkei 225 closed 3.9% higher at 56,363.94. Earlier in the day the benchmark hit a new intraday record of 57,337.07.

The dollar weakened slightly against the Japanese yen, trading at 156.71 yen, down from 157.10 yen late Friday.

The landslide election victory gives Takaichi a much stronger mandate to purs

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