Asian shares mostly higher after Wall St sets new records

BANGKOK — Shares in Asia are mostly higher after a turbulent day on Wall Street ended with the Dow Jones Industrial Average closing above 27,000 for the first time.

Japan’s Nikkei 225 index edged 0.1% higher to 21,674.14 and the Hang Seng in Hong Kong added 0.5% to 28,575.96. The Shanghai Composite index also rose 0.5%, to 2,931.12 while Australia’s S&P ASX 200 edged 2.6 points lower to 6,713.50. South Korea’s Kospi climbed 0.3% to 2,087.46. Shares fell in Taiwan but rose in Bangkok and Singapore.

Regional investors were watching for Chinese trade data due out later Friday.

The Wall Street milestones came on a day when the S&P 500 briefly topped 3,000 for the second straight day before the rally ran out of steam

The market lost some ground after an auction of long-term U.S. government bonds failed to drum up strong demand. That pulled bond prices lower, sending the yield on the benchmark 10-year Treasury note to 2.13% from 2.06% late Wednesday, a big move.

Stocks have been trending higher for much of the week as investors have grown more confident that the Federal Reserve may cut interest rates for the first time in a decade as soon as the end of this month.

The S&P 500 rose 0.2% to 2,999.91 and has set three straight record highs. The Dow gained 0.8% to 27,088.08. The Nasdaq composite gave up an early gain, sliding 0.1% to 8,196.04, while the Russell 2000 index of smaller company stocks dropped 0.5% to 1,557.92.

Stocks rose from the get-go Thursday as investors looked ahead to Fed Chairman Jerome Powell testifying before a Congressional committee for the second straight day.

Powell stressed that the Fed is prepared to cut interest rates to support the economy, raising hopes that

Read More Here...

Bookmark the permalink.