Asian Shares Advance As Wall Street Scores Gains
Shares rose in Asia on Friday, Dec. 9, 2022, after an advance on Wall Street led by the latest rally in technology companies, Elaine Kurtenbach reported for the Associated Press (AP).
Photo Insert: On Thursday, the S&P 500 rose 0.8% to 3,963.51, while the tech-heavy Nasdaq composite closed 1.1% higher, at 11,082.
“Asian stocks are a bit higher, but full-out exuberance has been tempered by rising COVIDcases and skepticism of the force of reopening economic tailwind that the current level of Asian risk assets implies,” Stephen Innes of SPI Asset Management said in a commentary.
While outside experts had increasingly criticized China’s containment policy, which sought to isolate every case, as unsustainable, they have also warned that the country will now face a challenging first wave, as the loosened measures will no doubt fuel an increase of cases.
Hong Kong’s Hang Seng index rose 1.5% to 19,726.07. The Shanghai Composite index climbed 0.2% to 3,203.57. Tokyo’s Nikkei 225 index gained 1.3% to 27,924.81 and the Kospi in Seoul rose 0.4% to 2,380.87. Australia’s S&P/ASX 200 picked up 0.5% to 7,211.60.
On Thursday, the S&P 500 rose 0.8% to 3,963.51, while the tech-heavy Nasdaq composite closed 1.1% higher, at 11,082. The Dow Jones Industrial Average added 0.5% to 33,781.48. Small company stocks gained ground.
The Russell 2000 index added 0.6% to 1,818.29. Tech stocks powered much of the rally, along with healthcare companies and retailers.
Chipmaker Nvidia climbed 6.5%, Pfizer rose 3.1% and Nike inched 2.8%while bond yields mostly rose. The yield on the 10-year Treasury note, which helps set mortgage rates, increased to 3.49% from 3.42% late Wednesday, Damian J. Troise and Alex Veiga also reported for AP.