Stock market today: Asian shares extend gains after China-driven rally
Shares in Asia pushed higher on Wednesday, again led by gains in China, after U.S. stocks climbed to more records in a quiet day of trading
NEW YORK — Asian shares pushed higher on Wednesday, again led by gains in China, after U.S. stocks climbed to more records in a quiet day of trading.
Chinese property developers surged after Beijing announced a flurry of measures aimed at reviving the housing market after a prolonged downturn. That news also boosted prices for oil, copper and other commodities.
Early Wednesday, U.S. futures were lower and oil prices also declined.
Hong Kong's Hang Seng index jumped 1.8% to 19,346.68, after gaining more than 4% the day before. The Shanghai Composite index surged 1.8% to 2,913.47 following the announcement of concerted efforts to prop up the world's second-largest economy.
“Chinese policymakers are throwing everything they’ve got to fight off deflation and breathe life into growth. Will it work long-term? Who knows,” Stephen Innes of SPI Asset Management said in a commentary.
“But for now, Chinese stocks are gobbling up these stimulus efforts like they’re at an all-you-can-eat buffet,” he said.
In Tokyo, the Nikkei 225 was up 0.3% at 38,068.22, while South Korea's Kospi was flat, at 2,632.24.
Australia's S&P/ASX 200 added 0.1% to 8,149.00.
On Tuesday, U.S. stocks drifted to more records, with the S&P 500 closing 0.3% higher at 5,732.93, the 41st all-time high for this year. Gains were tentative, though, and the index wavered up and down following a surprisingly weak report on U.S. consumer confidence.
The Dow Jones Industrial Average added 0.2% to its own record set the day before, closing at 42,208.22. The Nasdaq composite gained 0.6% to 18,074.52.
The Federal Reserve's drastic
Read more on abcnews.go.com
