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Nov. 25, 2020, 2:36 a.m. EST

Asian markets mostly rise after Dow tops 30,000

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By Associated Press

TOKYO — Asian shares rose Wednesday after the Dow Jones Industrial Average closed above 30,000 points for the first time despite an ongoing pandemic, as progress in development of coronavirus vaccines kept investors in a buying mood.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.89% rose 0.5%. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.82% gained 0.6% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.57% fell 0.6%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.49% was flat, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.70% dropped 1.1%. Benchmark indexes in Singapore /zigman2/quotes/210597985/delayed SG:STI -0.73% , Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.53% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.67% fell, but stocks rose in Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.96% .

Jingyi Pan, senior market strategist at IG in Singapore, noted news that the transition of power in the U.S. to President-elect Joe Biden will finally begin, as well as his selection of former Fed chair Janet Yellen as Treasury secretary, were encouraging traders.

“While the vaccine optimism had changed the outlook for Asia markets hoping for a quicker recovery, the formal transition for the Biden administration alongside former Fed chair Janet Yellen’s expected lead of the U.S. Treasury had only served as embellishments contributing to expectations for a more conducive environment for the recovery,” Pan said.

The Dow rose more than 450 points, or 1.5%, to cross the milestone. The S&P 500 index, which has a far greater impact on 401(k) accounts than the Dow, rose 1.6%, climbing to its own all-time high.

The gains extend a monthlong market rally driven by growing optimism that development of coronavirus vaccines and treatments will loosen the pandemic’s stranglehold on the economy. They also mark a rapid climb for the Dow from its March 23 low of just under 18,600 during the worst of its early pandemic nosedive.

“We are one step closer to moving past the election uncertainty,” said Lindsey Bell, chief investment strategist at Ally Invest. “People are still optimistic about what 2021 has to bring, from an economic perspective and an earnings perspective.”

The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.72% rose 57.82 points to 3,635.41. The Dow /zigman2/quotes/210598065/realtime DJIA -0.57% gained 454.97 points to 30,046.24. Both indexes eclipsed record highs set early last week. The technology-heavy Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.87% picked up 156.15 points, or 1.3%, to 12,036.79.

Traders continued to favor stocks that stand to gain the most from a gradual reopening of the economy, such as banks and industrial companies. Technology and communication stocks, which have been investor favorites through the pandemic, also helped lift the market.

“There’s some relief that Biden is choosing moderates to fill out the cabinet,” said Barry Bannister, head of institutional equity strategy at Stifel. Bannister also said the encouraging vaccine news continues to give hope there is an end in sight to the pandemic.

U.S. markets will be closed Thursday for the Thanksgiving holiday. They will be open for half the day on Friday, closing at 1 p.m. Eastern.

In energy trading, benchmark U.S. crude gained 67 cents to $45.58 a barrel. Brent crude , the international standard, rose 76 cents to $48.62 a barrel.

In currency trading, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1059% inched up to 104.56 Japanese yen from 104.30 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
28,264.59
-254.59 -0.89%
Volume: 0.00
Jan. 18, 2021 1:12p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,660.60
-54.80 -0.82%
Volume: 295,884
Jan. 18, 2021 3:12p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,037.46
-48.44 -1.57%
Volume: 1.03M
Jan. 18, 2021 1:12p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
28,712.79
+138.93 +0.49%
Volume: 1.57M
Jan. 18, 2021 12:05p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,591.33
+24.95 +0.70%
Volume: 18.59B
Jan. 18, 2021 12:17p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,983.00
-21.87 -0.73%
Volume: 0.00
Jan. 18, 2021 12:17p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
15,533.92
-82.47 -0.53%
Volume: 0.00
Jan. 18, 2021 12:12p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,416.10
+42.69 +0.67%
Volume: 0.00
Jan. 18, 2021 11:22a
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,611.32
-15.69 -0.96%
Volume: 0.00
Jan. 18, 2021 12:17p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,768.25
-27.29 -0.72%
Volume: 2.74B
Jan. 15, 2021 5:18p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,814.26
-177.26 -0.57%
Volume: 440.02M
Jan. 15, 2021 5:18p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
12,998.50
-114.14 -0.87%
Volume: 5.80M
Jan. 15, 2021 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
103.7640
-0.1100 -0.1059%
Volume: 0.0000
Jan. 17, 2021 11:31p
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