rain.png
Saturday June 19th, 2021 5:58PM

Asian shares mixed after stimulus lifts Dow, S&P to records

By The Associated Press
Related Articles
  Contact Editor

BANGKOK (AP) — Stocks were mixed in Asia on Friday after broad gains lifted several major indexes to all-time highs on Wall Street.

Tokyo’s benchmark rose 1.7%. Hong Kong declined but the Shanghai Composite index recovered from early losses. Oil prices fell and the yield on the U.S. 10-year Treasury rose to 1.57%.

U.S. markets surged Thursday after President Joe Biden signed into law a sweeping pandemic relief package that would provide $1,400 checks for most Americans and direct billions of dollars to schools, state and local governments, and businesses affected by pandemic-related shutdowns, which began a year ago.

That and progress in vaccinations against Covid-19 have helped settle some of the uncertainty that has roiled markets in recent weeks.

“With regular service resumed, we can expect markets globally to end the week on a positive note," Jeffrey Halley of Oanda said in a commentary. But a calming of worries over inflation, eased by a lower than expected U.S. consumer price reading for February, is likely temporary, he said.

“The inflation genie may have been put back into its bottle for the weekend, but someone is sure to pick it up and uncork it again soon," Halley said.

The Nikkei 225 added 506 points to 29,717.83, while South Korea's Kospi climbed 1.4% to 3,054.39. In Australia, the S&P/ASX 200 added 0.8% to 6,766.80. Hong Kong's Hang Seng lost 0.8% to 29,135.73 and the Shanghai Composite index gained 0.3% to 3,448.35.

Shares rose in Taiwan and Jakarta but fell in Singapore and Malaysia.

On Thursday, the S&P 500, the Dow Jones Industrial Average and a measure of small-company stocks all closed at record levels as a recent stretch of volatile trading in the bond market continued to ease, keeping investors in a buying mood.

The S&P 500 added 1% to 3,939.34. The Dow added 0.6% to 32,485.59, its second all-time high in a row.

The Nasdaq composite gained 2.5% to 13,398.67. The tech-heavy index, which earlier in the week skidded more than 10% below its February peak, has regained some ground, but remains 4.9% below that all-time high.

Traders also bid up shares in smaller stocks, pushing the Russell 2000 index up 2.3% to 2,338.54.

Technology stocks, which have been hurt this year by rising bond yields, led the market higher, aided by solid gains in communications services companies and those that rely on consumer spending. Banks, utilities and household goods companies fell.

The stimulus coupled with ultra-low interest rates are expected to help charge growth as industries bounce back from pandemic downturns, analysts say.

“We’re entering this environment where growth is going to be higher than expected,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. “With higher growth you get higher interest rates.”

The biggest IPO in years rolled out Thursday on the New York Stock Exchange where Coupang, the South Korean equivalent of Amazon in the U.S., or Alibaba in China, began trading under the ticker “CPNG.” The stock soared 40.7%. It’s actually the largest initial public offering from an Asian company since Alibaba went public about seven years ago and the biggest in the U.S. since Uber's more than $8 billion IPO in 2019.

General Electric fell 7.4% for the biggest slide in the S&P 500 for the second straight day. The industrial titan announced it would wind down its GE Capital business and merge its jet leasing business with Ireland's AerCap. GE is in the midst of a multi-year turnaround plan, but investors have been concerned GE has been selling off too many of its more profitable assets.

The price of U.S. crude oil rose 2.5% and lifted energy company stocks. Occidental Petroleum jumped 5.5% and Hess rose 3.2%.

On Friday, benchmark U.S. crude slipped 43 cents to $65.59 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard for pricing, lost 40 cents to $69.23 per barrel.

The U.S. dollar cost 108.86 Japanese yen, up from 108.53 yen late Thursday. The euro fell to $1.1946 from $1.1983.

___

AP Business writers Damian J. Troise and Alex Veiga contributed.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Owner of boat that burned, killing 34, sells other vessels
The owner of a scuba diving boat that burned and sank off the California coast, killing 34 people, has sold his two remaining vessels
11:11PM ( 10 minutes ago )
Asian shares mixed after stimulus lifts Dow, S&P to records
Stocks are mixed in Asia after broad gains lifted several major indexes to all-time highs on Wall Street
10:49PM ( 33 minutes ago )
Myanmar junta kills more protesters, adds Suu Kyi accusation
Myanmar’s security forces shot to death at least 10 people protesting the military’s coup, spurning a U.N. Security Council appeal to stop using lethal force
10:32PM ( 50 minutes ago )
Associated Press (AP)
Portland mayor seeks $2 million to stem rampant gun violence
The mayor of Portland, Oregon, announced he would seek $2 million in one-time funding for police, other agencies and outreach programs to try to stem rampant gun violence in the city
8:55PM ( 2 hours ago )
Biden sets May 1 target to have all adults vaccine-eligible
President Joe Biden is outlining his plan to make all adult Americans eligible for vaccination by May 1 and get the nation back “closer to normal” by the Fourth of July
8:39PM ( 2 hours ago )
UN chief blasts vaccine nationalism, hoarding, side deals
The United Nations chief is criticizing the “many examples of vaccine nationalism and vaccine hoarding” as well as side deals with COVID-19 vaccine manufacturers that undermine access to all people in the world
8:23PM ( 2 hours ago )
AP Business
Dow, S&P 500 hit records as stimulus bill becomes law
Broad gains in stocks pushed several major indexes to all-time highs on Wall Street
5:41PM ( 5 hours ago )
DOJ seeks $3.2M from West Virginia governor's coal companies
The U.S. Department of Justice is seeking $3.2 million in penalties from Appalachian coal mines owned by West Virginia Gov. Jim Justice
5:32PM ( 5 hours ago )
More records for stock indexes as stimulus bill becomes law
Broad gains in stocks pushed several major indexes to all-time highs on Wall Street
4:56PM ( 6 hours ago )
AP Business - Corporate News
The Latest: UN chief blasts vaccine nationalism, hoarding
The United Nations chief is criticizing the “many examples of vaccine nationalism and vaccine hoarding” as well as side deals with COVID-19 vaccine manufacturers that undermine access to all people in the world
7:10PM ( 4 hours ago )
Pace of spending for pandemic aid? Try $43,000 every second
President Joe Biden now needs to figure out how to spend the $1.9 trillion in coronavirus relief
6:53PM ( 4 hours ago )
Mayday aim: Biden wants everyone vaccine-eligible by May 1
President Joe Biden is outlining his plan to make all adult Americans eligible for vaccination by May 1 and get the nation back “closer to normal” by the Fourth of July
6:49PM ( 4 hours ago )
AP Business - Economy
US stocks open higher with help from Big Tech companies
Stocks are starting higher on Wall Street with an assist from technology companies, which have seen big swings in recent days
9:46AM ( 13 hours ago )
European Central Bank to step up pace of stimulus program
The European Central Bank says it will step up its bond-buying stimulus in the coming months
8:42AM ( 14 hours ago )
Global shares advance as yields, inflation fears moderate
Stocks have climbed in Europe and Asia after a key measure of inflation in the U.S. came in lower than expected, easing worries that price pressures could push interest rates higher
3:51AM ( 19 hours ago )
AP Business - Financial Markets
The Latest: Biden: States must make adults vaccine eligible
President Joe Biden will use his first prime-time address to announce that he is directing states to make all American adults eligible for a coronavirus vaccine no later than May 1
6:58PM ( 4 hours ago )
The Latest: Biden: More troops for vaccination efforts
President Joe Biden is planning to announce during his prime-time address that he’ll deploy 4,000 additional U.S. troops to support coronavirus vaccination efforts
6:52PM ( 4 hours ago )
Where's the beef? Runaway steer still roaming Rhode Island
A runaway steer is still roaming the streets of Rhode Island, more than a month after it escaped a slaughterhouse
6:45PM ( 4 hours ago )
AP Business - Industries
EXPLAINER: How dangerous is the Fukushima nuke plant today?
The Fukushima Daiichi nuclear power plant still looks like a bombed-out factory a decade after it was wrecked by a massive earthquake and tsunami
4:28AM ( 18 hours ago )
Still recovering, Japan marks 10th disaster anniversary
Japan has marked the 10th anniversary of the earthquake, tsunami and nuclear disaster that hit its northeastern region, where many survivors’ lives are still on hold
2:50AM ( 20 hours ago )
Japan's recovery from tsunami disaster, by the numbers
Numbers show how much progress has been made and what still remains 10 years after the triple disaster of an earthquake, tsunami and nuclear plant meltdown on Japan's northeastern coast
1:18AM ( 22 hours ago )
AP Business - Utilities
Myanmar junta kills more protesters, adds Suu Kyi accusation
Myanmar’s security forces shot to death at least 10 people protesting the military’s coup, spurning a U.N. Security Council appeal to stop using lethal force
10:32PM ( 50 minutes ago )
Snell's 3-pointer at buzzer lifts Hawks over Raptors 121-120
Tony Snell hit a 3-pointer at the buzzer and the Atlanta Hawks came back from a 15-point deficit in the final six minutes to beat the Toronto Raptors 121-120
10:24PM ( 57 minutes ago )
Biden aims for quicker shots, 'independence from this virus'
In a prime-time address, President Joe Biden has outlined his plan to make all adult Americans eligible for vaccination by May 1 — and he raised the prospect of beginning to gain what he called “independence from this virus” by the Fourth of July
10:12PM ( 1 hour ago )
Newspaper: China to soon try 2 Canadians on spying charges
A Communist Party newspaper says China will soon begin trials for two Canadians arrested in apparent retaliation for Canada's detention of a senior executive for Chinese communications giant Huawei Technologies
9:51PM ( 1 hour ago )
Missouri hits late free throw, beats Georgia 73-70 at SEC
Dru Smith made two free throws with 15.2 seconds left, and the Missouri Tigers held off Georgia 73-70 to advance to the Southeastern Conference Tournament quarterfinals
9:34PM ( 1 hour ago )