Asian shares mostly higher, tracking Wall Street rally
TOKYO (AP) — Asian shares were mostly higher Tuesday after another rally to a record high on Wall Street.
Stocks have been pushing broadly higher as companies turn in much stronger profit reports for the summer than analysts had expected. Historically low interest rates, along with strong corporate profit growth, have helped the S&P 500 more than double from the bottom it set in March 2020 in the early days of the coronavirus pandemic.
On Monday, the S&P 500 rose 0.5% to 4,566.48, surpassing a record set on Thursday. The Dow Jones Industrial Average also reached an all-time high, gaining 0.2% to 35,741.15. The Nasdaq composite picked up 0.9%, to 15,226.71.
In Tuesday trading, Japan’s benchmark Nikkei 225 added 1.8% to finish at 29,106.01. The advance was helped by a 2.6% jump in electronics and entertainment Sony Corp., which is reporting earnings later this week. Sony, which has video game and movie divisions, has seen sales rise as people opted for stay-home entertainment during the pandemic.
Other big gainers included Nippon Telegraph & Telephone, which jumped 5.4% after it upgraded its earnings outlook.
“Sentiments in Asia may largely mirror the stellar performance in Wall Street overnight, while the COVID-19 situation in China remains on watch with control measures being tightened,” said Yeap Jun Rong, market strategist at IG in Singapore.
China has reimposed travel restrictions in some areas to combat outbreaks of the virus that are adding to concerns over a slowing economy.
Hong Kong’s Hang Seng fell 0.7% to 25,938.50. The Shanghai Composite declined 0.4% to 3,594.52.
South Korea's Kospi gained 1.0% to 3,050.14 after the government reported the economy grew at an annual pace of 4%, according to government data. That was slightly weaker than...
