By Associated Press
TOKYO — Asian shares were mostly higher Tuesday after another rally to a record high on Wall Street.
Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.63% added 1.8%. The advance was helped by a 2% jump in electronics and entertainment Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +0.55% , which is reporting earnings later this week. Sony, which has video game and movie divisions, has seen sales rise as people opted for stay-home entertainment during the pandemic.
Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.58% fell 0.4% while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.03% was flat. China has reimposed travel restrictions in some areas to combat outbreaks of the virus that are adding to concerns over a slowing economy.
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -2.42% edged up 0.6% to 3,037.21 after the government reported the economy grew at an annual pace of 4%, according to government data. That was slightly weaker than expected. But analysts expect consumer spending to recover as virus cases ease with progress in the country’s vaccine rollout.
Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.22% gained 0.2%. Stocks slipped in Singapore /zigman2/quotes/210597985/delayed SG:STI -2.54% , but gained in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.58% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -1.13% .
“Sentiments in Asia may largely mirrored the stellar performance in Wall Street overnight, while the COVID-19 situation in China remains on watch with control measures being tightened,” said Yeap Jun Rong, market strategist at IG in Singapore.
On Monday, the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.69% rose 0.5% to 4,566.48, surpassing a record set on Thursday. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.92% also reached an all-time high, gaining 0.2% to 35,741.15. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.23% picked up 0.9%, to 15,226.71.
Stocks have been pushing broadly higher as companies turn in much stronger profit reports for the summer than analysts had expected. Historically low interest rates, along with strong corporate profit growth, have helped the S&P 500 more than double from the bottom it set in March 2020 in the early days of the coronavirus pandemic.
S&P 500 companies so far have reported profits for the third quarter that were nearly 46% higher than year-ago levels. That has companies in the index on track to report overall growth of roughly 32.5%, according to FactSet. That compares with expectations for roughly 27% growth when the third quarter closed on Sept. 30.
The yield on the 10-year Treasury ticked up to 1.64% from 1.63% late Monday.
Benchmark U.S. crude gained 11 cents to $83.87 a barrel in electronic trading on the New York Mercantile Exchange. It ended Monday trading unchanged at $83.76 per barrel.
Brent crude , the international standard, gained 12 cents to $85.29 a barrel.
In currency trading, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.8527% rose to 113.91 Japanese yen from 113.71 yen.