TOKYO (AP) -- Tokyo stocks were higher at midday Thursday after an overnight rebound in U.S. shares -- prompted by positive earnings news -- caused traders to buy back local issues. The dollar was higher against the yen. The benchmark 225-issue Nikkei Stock Average was up 169.66 points, or 1.85 percent, to 9,335.07 at the end of the morning session Thursday. The Nikkei lost 156.23 points, or 1.68 percent, to close at 9,165.41 Wednesday.
The U.S. dollar was trading at 122.88 yen on the Tokyo foreign exchange market at 11 a.m. Thursday, up 0.49 yen from late Wednesday and up slightly from its New York trading level late Wednesday of 122.85 yen. Tokyo traders covered short positions in a broad range of companies, helping lift the shares of Honda, Nissan, Sony and other major exporters, traders said. Large banks such as Mitsubishi Tokyo Financial Group and Mizuho Holdings also rose.
On Wall Street Wednesday, the Dow Jones industrial average rose 158.69, or 2.1 percent, to close at 7,841.82 amid bargain hunting and some encouraging earnings news from General Electric. The gain erased most of a 189-point drop the day before that sent blue chips to a four-year low. //www.nj.com