Wall Street Rally Pushes Asian Stocks to New Highs

Wall Street Rally Pushes Asian Stocks to New Highs

NEW YORK, NY – Shares in Asia hit an 18-month high after another astounding Wall Street really. Despite that, global shares were mostly mixed post-holidays.

The US stocks received a boost from record-breaking year-end shopping records and ended higher than before.

The Dow Jones went up by 0.37% or 105.94 points to 28,621.39. It has advanced for 9 of the last 11 trading days and is estimated to have a year-to-date increase of 22.69%. The S&P 500 also advanced by 0.51% or 16.53 points to 3,239.19. The index’s year-to-date increase is pegged at 29.24%.

Meanwhile, the Nasdaq Composite enjoyed a 0.78% boost or an increase of 69.51 points to 9,022.39. It’s a new record for the index, which has been experiencing gains for 10 straight days now. It currently has a 35.98% year-to-date return.

The MSCI Asia-Pacific broad index outside Japan rose 0.55% to reach 555.25. It’s an accomplishment it hasn’t had since 2018. The index is currently up 16% this year.

Hong Kong won big today, with the Hang Seng up by 1.3% to close at 28,225.42. The KOSPI was up 0.3% to 2,204.21 while Singapore’s benchmark index enjoyed a 0.2% gain.

The Nikkei 225 dropped 0.4% to 23,837.72 as investors are apparently more focused on the upcoming year-end holiday. The Shanghai Composite Index also went down 0.1% or two points today to close at 3,005.04.

Sydney’s S&P/ASX 200 enjoyed an increase of 0.4% to 6,821.70. India’s Sensex went up 0.8% to 41,507.97.

Germany and France saw gains in early trading while the UK market stayed flat. The DAX went up by 0.4% to 13,348.58 wile the CAC 40 saw an increase of 0.2% to 6,043.64. Meanwhile, the FTSE slid down by four points to 7,628.28.

Currency wise, the GBP/USD pair was up $1.3027 from its previous $1.2994. The EUR/USD also gained and is now at $1.1135. Meanwhile, the EUR/GBP slipped to 85.48 pence from yesterday’s 85.56 pence.

The three major US indices posting all-time highs might have prompted Asian stocks to push upwards but all in all, global shares were mixed this week.

Traders returned from a short holiday to welcome news that a phase-one trade agreement between the US and China might be closer to completion.

Geng Shuang, a spokesperson from the Chinese Foreign Ministry, said on Wednesday that officials from Washington and Beijing were communicating closely about “arrangements for the deal’s signing.”

Investors were also optimistic over reports from Amazon and Mastercard indicating retail sales from the US are up from last year.

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