ASIAN SHARES MOSTLY HIGHER BUT CHINA MARKETS RETREAT
Asian shares opened mostly higher on Wednesday although markets in Shanghai and Hong Kong were lower, Damian J. Troise and Alex Veiga reported for the Associated Press (AP).
The advance followed a broad rally on Wall Street, with solid contributions from Big Tech companies, banks and other sectors.
Tokyo’s Nikkei 225 rose 0.7% to 28,552.31 and the Kospi in South Korea edged 0.1% higher to 3,100.35. Australia’s S&P/ASX 200 surged 0.9% to 6,098.59. The Hang Seng in Hong Kong declined 0.7% to 29, 052.90 while the Shanghai Composite index dropped 0.3% to 3,524.34.
Overnight, Big Tech companies and banks helped power a broad rally on Wall Street Tuesday, though shares in GameStop and other recent high-flying stocks hyped by online traders plunged.
The S&P 500 rose 1.4%, extending gains from a day earlier, as investors sized up the latest batch of company earnings reports.
Rising crude oil prices and solid earnings results helped lift energy companies, including Exxon Mobil and Marathon Petroleum. Treasury yields rose and the VIX, a measure of fear in the market, fell sharply, a sign volatility was easing.
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