Tokyo Stocks Post Sixth-Largest Gain

Associated Press

Stock prices soared in Tokyo today, with the Tokyo Stock Exchange's main index posting its sixth-largest daily gain in response to the U.S.-Soviet summit, traders said.

On the foreign exchange market, the dollar closed at 139.43 yen after ranging between 139.33 yen and 139.65 yen. Today's close--down 0.82 yen from Friday--was the lowest in Tokyo since Oct. 2, when the U.S. currency finished trading at 139.30 yen.

The 225-issue Nikkei Stock Index rose 1,118.83 points, or 4.67%, ending the day at 25,080.90. An estimated 330 million shares traded hands on the market's first section.

Today's sixth-largest single-day increase followed a 150.16-point rise Friday.

Traders said the Nikkei index began rising sharply in response to the outcome of the summit Sunday in Helsinki, Finland, where President Bush and Soviet leader Mikhail S. Gorbachev agreed on responses to Iraq's invasion of Kuwait.

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