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Asian shares rally after S&P 500, Nasdaq hits record highs

Published: July 25, 2019 14:37:22 | Updated: July 27, 2019 12:35:22


File Photo (Collected)

Asian shares rallied Thursday after the S&P 500 and Nasdaq closed at record highs, though South Korea’s Kospi declined after North Korea launched two short range missiles into the sea.

Japan’s Nikkei 225 index added 0.3 per cent to 21,770.09 while the Kospi lost 0.8 per cent to 2,065.41. In Hong Kong, the Hang Seng gained 0.3 per cent to 28,604.89.

The Shanghai Composite index also gained 0.3 per cent, to 2,931.90. Australian’s S&P ASX 200 advanced 0.5 per cent to 6,810.30. Shares fell in Taiwan but rose in Southeast Asia, reports AP.

On Wall Street, stocks steadily gained ground Wednesday and closed broadly higher on Wall Street as investors rewarded solid earnings results from several large companies.

Industrial stocks moved broadly higher after UPS beat Wall Street’s financial forecasts.

The solid results from the delivery service counteracted steep drops from Boeing and Caterpillar, which both reported weak results.

The Russell 2000, which focuses on smaller stocks, outshone every other index, gaining 1.6 per cent to 1,580.42.

The S&P 500 index rose 0.5 per cent to 3,019.56, putting it on track for a weekly gain. Boeing and Caterpillar weighed down The Dow Jones Industrial Average, which fell 0.3 per cent to 27,269.97.

The Nasdaq rose 0.8 per cent to 8,321.50.

Benchmark crude oil added 18 cents to $56.06 per barrel in electronic trading on the New York Mercantile Exchange. It fell 89 cents to settle at $55.88 a barrel on Wednesday.

Brent crude oil, the international standard, picked up 12 cents to $63.30 per barrel. Overnight, it fell 65 cents to close at $63.18 a barrel.

The dollar was flat at 108.16 Japanese yen. The euro weakened to $1.1136 from $1.1142.

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