Dow surge sends Nikkei through 20,000 barrier

The Tokyo stock market forged past the 20,000 mark May 6 amid ringing reports that Wall Street’s Dow Jones industrial average hit a record closing high in heavy trading overnight.

The 225-issue Nikkei average soared 666.17 points, or 3.4 percent, to close at 20,180.92. The key market gauge recovered the 20,000 level for the first time since Dec. 18.

Elated at the strong advance on Wall Street, both domestic and foreign institutional investors jumped on the buying bandwagon in Tokyo, brokerage officials said. Individual investors also moved in.

Reflecting a growing flow of foreign money into Japanese equities, the yen gained ground against the dollar on the currency market. The U.S. currency was trading at 125.83-84 yen at 5 p.m., down from 126.72-74 yen at 9 a.m. and from 126.60-70 yen late May 5 in New York. It was most actively traded at 125.90 yen.

The Tokyo Stock Price Index, covering all issues on the First Section, rose 41.60 points, or 2.83 percent, to 1,509.13. The Tokyo market was closed May 5 for a national holiday.