TOKYO — Asian shares rose Friday, echoing a rally on Wall Street, as hopes grew for a gradual global economic recovery from the damage of the coronavirus pandemic.
Japan’s benchmark Nikkei 225 NIK, +1.54% surged 1.3% in morning trading. Australia’s S&P/ASX 200 XJO, +1.11% rose 1%, and South Korea’s Kospi 180721, +1.07% climbed 0.4%. Hong Kong’s Hang Seng HSI, +0.54% jumped 0.5%, while the Shanghai Composite SHCOMP, -0.16% gained 0.4%. Stocks rose in Singapore STI, -0.00%, Taiwan Y9999, +0.61% and Indonesia JAKIDX, +0.56%.
Venkateswaran Lavanya of Mizuho Bank in Singapore said Asian markets are getting a lift from positive employment data from the U.S., which has set off a mood of “confidence about the U.S. economy getting back on its feet.”
What appears in global data as the gradual decline in COVID-19 cases is also nurturing hopes for a rebound. So are rollouts of COVID-19 vaccines, Lavanya said.
Wall Street was cheered by strong company earnings and optimism that Washington can reach a deal for another round of fiscal stimulus for millions of Americans.
The S&P 500 index SPX, +1.09% rose 1.1% to 3,871.74. It was the index’s fourth-straight gain. The Dow Jones Industrial Average DJIA, +1.08% picked up 1.1%, to 31,055.86. The technology-heavy Nasdaq COMP, +1.23% gained 1.2%, to 13,777.74, also an all-time high.
Financial and technology companies led the way. Small-company stocks also had a strong showing, another bullish signal that investors are feeling more optimistic about the economy.
“There are a lot of reasons to be optimistic and, obviously, there’s a tremendous amount of stimulus in the system with talks of more,” Brian Price, head of investment management for Commonwealth Financial Network.
In energy trading, U.S. benchmark crude CLH21, +0.53% added 39 cents to $56.62 a barrel in electronic trading on the New York Mercantile Exchange. It gained 54 cents to $56.23 per barrel on Thursday. Brent crude BRNJ21, +0.49%, the international standard, added 38 cents to $59.22 a barrel.
In currencies, the U.S. dollar USDJPY, -0.05% was trading at 105.55 Japanese yen, up from 105.54 yen.
February 05, 2021 at 11:14AM
https://www.marketwatch.com/story/asian-markets-gain-steam-on-fresh-hopes-of-global-recovery-01612498453
Asian markets gain steam on fresh hopes of global recovery - MarketWatch
https://news.google.com/search?q=fresh&hl=en-US&gl=US&ceid=US:en
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