Asian Shares Gain After Wall Street Rally

Shares were higher in Asia on Monday, July 18, 2022, after Wall Street capped a week of losses with a broad rally for stocks Friday, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: The S&P 500 increased 1.9% to 3,863.16 and ended a five-day losing run. The Dow Jones Industrial Average increased by 2.1% to 31,288.26, while the Nasdaq advanced by 1.8% to 11,452.42.

The Hang Seng index in Hong Kong rose 1% to 20,507.34, while the Shanghai Composite index rose 0.7% to 3,251.54. The Kospi in Seoul increased by 1.4% to 2,363.36. The S&P/ASX 500 in Australia increased by 0.5% to 6,637.50.

Even after the government revealed that inflation reached a 32-year high of 7.3% in the April-June quarter, New Zealand stocks inched higher. In the preceding quarter, it was 6.9 percent.

In a July study conducted by the University of Michigan, inflation expectations remained stable or improved, as did consumer sentiment. This was encouraging news as studies indicated that consumer prices and wholesale prices for firms remained extraordinarily high in June.

The news also bodes positively for investors seeking indications that the Federal Reserve may eventually alter its rigorous anti-inflation policies.

The S&P 500 increased 1.9% to 3,863.16 and ended a five-day losing run. The Dow Jones Industrial Average increased by 2.1% to 31,288.26, while the Nasdaq advanced by 1.8% to 11,452.42. The Russell 2000 index increased by 2.2% to 1,744.37 as smaller firm stocks outperformed the broader market.

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