TOKYO — Asian shares were trading mixed Monday after a cooldown in oil prices last week helped U.S. stocks close out their first winning week in the last three.<\/p>\n
Japan’s benchmark Nikkei 225 declined 0.7% to finish at 65,877.62. <\/p>\n
Australia’s S&P\/ASX 200 added 0.2% to 8,679.70. South Korea’s Kospi dipped 2.7% to 6,889.74. Hong Kong’s Hang Seng rose 0.6% to 24,654.86, while the Shanghai Composite lost 1.7% to 3,823.62. <\/p>\n
In energy trading, benchmark U.S. crude gained 1.98% to $94.24 a barrel. Brent crude, the international standard, rose 2.5% to $106.93 a barrel. <\/p>\n
Last week, Brent oil had momentarily dropped to $97-levels. The price is volatile because of uncertainty about when the war with Iran<\/a> will allow oil to flow freely again<\/a> from the Middle East, including access to the Strait of Hormuz<\/a>. <\/p>\n On Wall Street, the S&P 500 added 0.5% to break a three-day losing streak<\/a> marked by big swings due to rising yields in the bond market<\/a>. The Dow Jones Industrial Average added 478 points, or 0.9%, and the Nasdaq composite climbed 0.5%. <\/p>\n Weighing on Wall Street last week were rising expectations for high inflation in the U.S. That’s potentially dangerous for the economy because they could encourage behavior that leads to a vicious cycle that makes the cost of living spiral even higher. <\/p>\n The yield on the 10-year Treasury briefly jumped to 5.22% last Friday, up from 5.18% late Thursday, and was near its highest level since 2007. High yields slow the economy by making it more expensive<\/a> for everyone to borrow money, while undercutting prices for stocks and other investments. <\/p>\n The 10-year yield has been jumping since the start of the war with Iran, when it was at 3.97%. But yields eased later in trading on Friday as the price of oil pulled lower, and the 10-year yield fell back to 5.15%. That helped stocks on Wall Street regain strength.<\/p>\n All told, the S&P 500 rose 39.28 points to 7,743.41. The Dow Jones Industrial Average jumped 478.64 to 51,828.62, and the Nasdaq composite gained 129.34 to 27,068.72.<\/p>\n In currency trading in Monday’s trading in Asia, the U.S. dollar rose to 157.53 Japanese yen from 157.19 yen. The euro cost $1.1380, down from $1.1393. <\/p>\n ___<\/p>\n AP Business Writer Stan Choe contributed to this report.<\/p>\n ___<\/p>\n