Stock market today: Asian shares are mostly higher as S&P 500 nears the 5,000 level for the 1st time

Share are mostly higher in Asia after the S&P 500 neared the 5,000 level for the first time. Hong Kong's benchmark fell while Shanghai advanced after China replaced its top stock market regulator. Tokyo surged 2% on strong corporate earnings. On Wednesday, the S&P 500 rose 0.8% and at one point was just a fraction of a point away from its latest milestone. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite climbed 0.9%. A relatively calm day in the bond market helped keep things smooth, despite some concerns about investors’ ability to digest a $42 billion auction of 10-year Treasurys. New York Community Bancorp's stock ended higher after another rollercoaster day.