By Associated Press
Asian stock markets followed Wall Street higher on Thursday following gains for major U.S. tech stocks.
The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.27% rose 0.6% and the Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.39% in Tokyo added 0.2%. The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.33% in Hong Kong gained 0.4% despite U.S.-Chinese tension over a security law imposed on the territory. The Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.94% in Seoul was 0.7% higher and Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.23% advanced 0.9%. New Zealand /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.05% and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.53% retreated while Jakarta /zigman2/quotes/210597981/delayed ID:JAKIDX +0.03% rose.
U.S. stocks have recovered most of this year’s losses, helping to push up global prices, despite rising numbers of American coronavirus infections that threaten to derail economic improvement. Investors are buying technology and other companies they expect to emerge stronger from the global downturn.
On Wednesday, Wall Street turned in its sixth gain in seven days when the benchmark S&P 500 index closed up 0.8%. Amazon /zigman2/quotes/210331248/composite AMZN -1.78% , Apple /zigman2/quotes/202934861/composite AAPL -2.27% and Microsoft /zigman2/quotes/207732364/composite MSFT -1.79% accounted for half that rise.
“The uptick in sentiment seems unrelated to any specific news,” said Stephen Innes of AxiCorp in a report.
On Wall Street, the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.06% rose to 3,169.94 and Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.17% rose 0.7%, to 26,067.28. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.87% gained 1.4% to 10,492.50.
Optimism is rising about a reopening U.S. economy, but virus case numbers are rising across much of the South and West. Some state governments have reversed plans to allow restaurants and other businesses to reopen.
Major companies are due to report quarterly results next week. They are expected to be dismal.
Benchmark U.S. crude lost 11 cents to $40.79 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 28 cents on Wednesday to settle at $40.90. Brent crude , the international price benchmark, shed 7 cents to $43.22 per barrel in London. It added 21 cents the previous session to $43.29.
The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1331% was unchanged at 107.31 yen.