Close  

Asia stocks rise after Dow closes above 13,000

/ 12:21 PM February 29, 2012

BANGKOK — Asian stock markets rose Wednesday, powered higher by the strongest close for US stocks since before the 2008 financial crisis.

Japan’s Nikkei 225 index rose 1.3 percent to 9,846.46 and Hong Kong’s Hang Seng added 0.5 percent to 21,685.33. South Korea’s Kospi gained 1.4 percent to 2,031.43. Australia’s S&P/ASX 200 rose 1.2 percent to 4,313.90.

ADVERTISEMENT

Benchmarks in Singapore, Taiwan, Indonesia were also higher. Mainland Chinese shares were little changed.

Surging consumer confidence helped push the Dow to close at 13,005.12 on Tuesday. The last time the benchmark closed above 13,000 was in May 2008, four months before the fall of the Lehman Brothers investment bank and the worst of the financial crisis.

FEATURED STORIES

Investors are also anticipating the Federal Reserve’s so-called Beige Book report on economic activity which is due Wednesday. The report is expected to reflect a slowly improving U.S. economy.

“A plethora of positive developments helped to buoy markets overnight … a jump in US consumer confidence to its highest since February 2011 gave equity markets and risk assets in general a lift,” said analysts at Credit Agricole CIB in Hong Kong.

Benchmark oil for April delivery was up 25 cents to $106.88 in electronic trading on the New York Mercantile Exchange. The contract fell by $2.01 to $106.55 per barrel in New York on Tuesday.

In currency trading, the euro rose to $1.3478 from $1.3459 late Tuesday in New York. The dollar fell to 80.50 yen from 80.55 yen.

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Asia stocks, Business, Dow Jones, Markets and Exchanges, Stock Activity
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.