Stock market today: Asia shares gain after Wall St rally as investors pin hopes on China stimulus

Shares are mostly higher in Asia after Wall Street got back to climbing following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy. Sentiment has been boosted by revived hopes for more stimulus from Beijing for the sluggish Chinese economy. On Friday, the S&P 500 rose 1%, closing out its ninth winning week in the last 11. The Dow added 0.5% and the Nasdaq climbed 1.9% as Big Tech stocks led the market. Stocks have been rallying on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates without pushing the economy into recession.