Asian shares extend gains in thin pre-Christmas trading

BANGKOK (AP) — Asian shares were higher Thursday after stocks advanced on Wall Street with encouraging reports about the potential impact of the omicron variant of coronavirus and stronger U.S. economic data.

Tokyo's Nikkei 225 gained 0.8% to 28,798.37. In Hong Kong, the Hang Seng edged 0.4% higher to 23,186.55. The Shanghai Composite index picked up 0.5% to 3,639.12. South Korea's Kospi climbed 0.4% to 2,997.11, while the S&P/ASX 200 advanced 0.3% to 7,387.60.

Shares also rose in Taiwan and Thailand.

Major indexes are on track for a Christmas week gains, with trading thinning as the holidays approach. Many world markets will be closed Friday in observance of Christmas.

On Wednesday, the S&P 500 rose 1% to 4,696.56, the Nasdaq rose 1.2% to 15,521.89 and the Dow Jones Industrial Average rose 0.7% to 35,753.89. The Russell 2000, a measure of small-company stocks, rose 0.9% to 2,221.90.

Technology companies and a mix of retailers led the gains. Major indexes are still on track for a Christmas week gain, with trading thinning as the holidays approach. Many world markets will be closed Friday in observance of Christmas.

The latest surge in coronavirus cases because of the omicron variant has been hanging over markets, along with concerns about rising inflation and its impact on economic growth.

The Commerce Department on Wednesday said the U.S. economy grew at a 2.3% rate in the third quarter, slightly better than previously thought. But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.

Uncertainty over the latest variant's impact on the economy is likely to cause more stock market swings.

Governments in Asia and Europe have tightened travel controls or pushed back plans to relax curbs...