Asian shares mixed, led by Tokyo gains, after Wall St rally
TOKYO (AP) — Asian shares were mixed Thursday, cheered by the rally on Wall Street that's likely a boon for export-driven regional economies, but investors remained worried about the coronanvirus pandemic.
Japan's benchmark Nikkei 225 jumped 1.8% to finish at 23,249.61. South Korea's Kospi fell 0.3% to 2,425.35. Hong Kong's Hang Seng slipped 0.2% to 25,193.01, while the Shanghai Composite index was flat, at 3,319.42.
Australia's S&P/ASX 200 lost 0.7% to 6,091.00, despite better than expected unemployment data for July. The number of jobs added was more than forecast and the unemployment rate was 7.5%.
“So while this employment report is a broadly positive piece of economic data, the Australian labor market is still under severe stress following the COVID-19 pandemic,” said Robert Carnell, regional head of research for Asia-Pacific at ING.
Stocks marched broadly higher on Wall Street, briefly nudging the S&P 500 above its all-time closing high set in February before the pandemic led to a historic market plunge.
The S&P 500 rose 1.4% to 3,380.35. The Dow Jones Industrial Average gained 1%, to 27,976.84. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 2.1%, to 11,012.24. The Russell 2000 index of small company stocks picked up 0.5%, to 1,583.25.
The U.S. stock market is poised to erase the last of the losses taken after the coronavirus pandemic crushed the economy into recession, even though the economy is still hobbling despite some recent improvements. In March, the S&P 500 fell nearly 34% from its record.
Much of the rebound has been due to massive amounts of support from the Federal Reserve, which has slashed interest rates to nearly zero and propped up far-ranging corners of the bond market to keep the economy afloat. The ultra-low interest rates mean...
