TOKYO (AP) — Asian stocks were mostly higher Thursday as market optimism grew after a record high on Wall Street.
Japan’s benchmark Nikkei Stock Average rose 0.4% in morning trading to 39,439.50 yen. Australia’s S&P/ASX 200 rose 0.6% to 8,239.10. South Korea’s Kospi rose 0.3% to 2,601.66.
Hong Kong’s Hang Seng rose 2.4% to $21,127.55 after the previous day’s volatility. Earlier this week, the index fell more than 9%, its worst loss since the 2008 global financial crisis. The Shanghai Composite Index rose 2.0% to 3,324.61.
Chinese stocks soared on hopes of stimulus to prop up the world’s second-largest economy, but fell earlier this week on disappointment that more stimulus was not expected. One positive is that China’s Ministry of Finance announced it will hold a briefing on Saturday that could provide details of the planned government move.
“There is still a glimmer of hope that the Chinese government may trigger a lifeline of fiscal stimulus in October to reignite growth. That means the market remains balanced and looking forward to the next big move. We’re waiting,” said Stephen Innes, managing partner at SPI Asset Management.
On Wall Street, the S&P 500 rose 0.7%, surpassing its all-time high set last week. The Dow Jones Industrial Average rose 431 points, or 1%, to a new record, while the Nasdaq Composite Index rose 0.6%.
Cruise lines will lead the way, and their customers will benefit from the surprisingly strong U.S. job market. Norwegian Cruise Line shares rose 10.9% after Citi analysts upgraded the company’s stock, saying data suggests cruise industry growth will be “in full swing” beyond 2025. Carnival rose 7%, while Royal Caribbean Group rose 5.3%.
KinderCare Learning rose 8.9% in its listing on the New York Stock Exchange. There are more than 2,400 early childhood education centers and before- and after-school facilities for children ages 6 weeks to 12 years across the country.
This helped offset Boeing’s 3.4% slump. The aerospace giant has withdrawn a contract offer that would have given striking workers a 30% raise over four years after labor negotiations broke down.
Alphabet also capped the market’s gains after large-cap stocks fell 1.5%. The U.S. Department of Justice is considering asking a federal judge to break up Google’s operations after the company’s search engine was found to be an illegal monopoly. Separation is one of many remedies under consideration.
Overall, the S&P 500 rose 40.91 points to 5,792.04. The Dow Jones Industrial Average rose $431.63 to $42,512.00, and the Nasdaq Composite Index rose $108.70 to $18,291.62.
In the oil market, the international standard Brent crude oil rose 34 cents per barrel, recovering to $73.58 per barrel. It briefly exceeded $81 earlier this week. Benchmark U.S. crude rose 34 cents to $76.92 a barrel.
The S&P 500 index suffered its worst decline in a month on Monday, as oil prices soared on concerns about escalating tensions in the Middle East.
In the bond market, the yield on the 10-year U.S. Treasury rose to 4.07% from 4.01% late Tuesday.
U.S. Treasury yields have been volatile lately, first dropping sharply in the spring and summer, but then starting to rise over the past week.
They follow traders’ predictions about what the Fed will do with overnight rates. The central bank has broadened its focus beyond fighting high inflation to keeping the economy strong, just starting to cut interest rates from a 20-year high.
This led to significant interest rate easing over the summer, but recent reports suggest the U.S. economy is still doing better than expected.
In currency trading, the US dollar depreciated slightly from 149.16 yen to 149.15 yen. The euro rose to $1.0943 from $1.0945.
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AP Business Writer Stan Cho contributed.
