ASIAN STOCKS MIXED AFTER WALL STREET NOTCHES GAINS
Asian stock markets were mixed Friday after Wall Street rose amid protracted vote-counting following this week’s US elections, Joe McDonald reported for the Associated Press (AP).
Tokyo and Sydney advanced while Shanghai and Hong Kong declined. Seoul swung between gains and losses. Markets are betting on control of the US Congress being split between Republicans and Democrats, which could mean low taxes and light regulation that investors like stay in place.
The Shanghai Composite Index lost 0.5% to 3,302.02 while the Nikkei 225 in Tokyo gained 1.1% to 24,367.35. The Hang Seng in Hong Kong shed 0.3% to 25,617.47. The Kospi in Seoul was down less than 0.1% at mid-morning at 2,415.67. The S&P-ASX 200 in Sydney advanced 0.9% to 6,193.20. New Zealand and Jakarta gained while Singapore declined.
On Wall Street, the S&P 500 rose to 3,510.45. The Dow Jones Industrial Average gained 1.9% to 28,390.18. The Nasdaq composite climbed 2.6% to 11,890.93. Apple climbed 3.5%, Microsoft rose 3.2%, and Amazon added 2.5%. Facebook gained 2.5% and Google’s parent company rose 1%. They’re also the five biggest stocks in the S&P 500 by market value. About 82% of stocks in the S&P 500 closed higher. Qualcomm jumped 12.7% for one of the biggest gains after it reported stronger revenue and profit for the latest quarter than analysts expected.