BANGKOK (AP) – Shares were higher across Asia on Friday after strong gains on Wall Street led by hopes of recovering from the pandemic.
Tokyo, Hong Kong, Seoul and Shanghai won and U.S. futures were also higher.
There are hopes that economies will regain ground lost since last year’s first outbreak of coronavirus thanks to COVID-19 vaccines and many governments have helped support stocks. At the same time, a rapid rise in U.S. interest rates has overshadowed these advances.
The U.S. government said the number of workers filing for unemployment benefits fell last week to its lowest level since before the pandemic, helping to stimulate sentiment.
“While it was high in price, solace investors took it as the positive outlook for vaccines amid President Joe Biden’s plan for ‘economic renewal,’ which was the basis for overnight risk, ”Stephen Innes of Axi said in a statement.
Tokyo NIK’s Nikkei 225 Index,
1.5% rise and the Hang Seng HSI,
in Hong Kong rose 1.4%. In Seoul, Kospi 180721,
rose 0.9%. Shanghai Composite SHCOMP Index,
it rose 1.4% and Sensex 1 India,
rose 0.9%.
On Thursday, the S&P 500 SPX,
rose 0.5% to 3,909.52 after an early 0.9% decline. But he was still on track for a loss for the week.
Investors have been shifting money away from expensive tech stocks as part of a broader move to stocks more closely linked to economic growth. There is a good chance that the recovery could be surprisingly strong with little support from the Federal Reserve, said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management.
“The message is very clear that the Fed is going to sit back and allow the economy to grow at a warmer level because their main goal is unemployment,” he said. “That means there is a good chance that the economy will overheat.”
Dow Jones industrial average DJIA,
gained 0.6% to 32,619.48. The tech-heavy Nasdaq Composite COMP,
recovering from an early loss to a 0.1% higher margin, to 12,977.68. Russell 2000 RUT Index,
of stock less than the rest of the market, climbing 2.3% to 2,183.12.
10-year Treasury Product TMUBMUSD10Y,
which helps set rates for all types of loans, it was stable at 1.62%. Treasury yields have been rising broadly in anticipation of stronger economic growth and the potential inflation.
In addition to the no-earnings report, another report said the U.S. economy grew at a faster pace at the end of 2020 than previously expected.
In another trade on Friday, the U.S. crude oil benchmark CL.1,
received 59 cents to $ 59.15 per barrel in electronic commerce on the New York Mercantile Exchange. It sank $ 2.62 on Thursday to $ 58.56 a barrel.
Brent crude BRN00,
the rate for international prices, it raised 47 cents to $ 62.67 per barrel.
The US dollar rose to 109.26 Japanese yen USDJPY,
from 109.19 yen late Thursday. The euro EURUSD,
rose to $ 1,1779 from $ 1.1766.