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Feb. 11, 2020, 10:35 p.m. EST

Asian markets rise despite coronavirus concerns

Stocks tick up in Tokyo, Hong Kong

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By Associated Press


Getty Images/iStock Photos
Stocks gained Wednesday in Tokyo.

TOKYO — Asian shares were higher Wednesday, although the outbreak of a new virus in the region continued to weigh on investor sentiments.

Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.12%   rose 0.5% in morning trading. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.0034%  gained 0.6% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.86%   was about flat. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.85%   added 0.7%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.21%   inched up 0.1%.

“Despite coronavirus concerns, investors tend to believe that central banks and policymakers have measures to stimulate the economy during and post the public health crisis,” said CMC Markets in a report.

China reported 97 more deaths from the new disease, named COVID-19, pushing the total dead past 1,100, even as the country remained largely closed down to prevent its spread. The number of cases worldwide is about 45,000, all but a few hundred in China.

Investor sentiments in Asia were also cheered somewhat by Wall Street, where modest gains overnight nudged the S&P 500 and Nasdaq to all-time highs for the second straight day. The Dow Jones Industrial Average finished essentially flat.

Investors weighed another batch of mostly solid company earnings reports. Sprint   soared after a federal judge cleared a major obstacle to the company being acquired by T-Mobile /zigman2/quotes/204659678/composite TMUS -0.07%  . Cruise operators, hotels and other companies that focus on travel made solid gains, the latest sign that traders are feeling less worried about the economic impact from the virus outbreak.

“Stocks are collectively saying, ‘Hey, maybe we can work past some of the noise with the virus; maybe the fallout won’t be as big as we thought,” said Willie Delwiche, investment strategist at Baird. “And the U.S. economy, so far at least, looks like it’s weathering it pretty well.”

The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.43%   rose 5.66 points, or 0.2%, to 3,357.75. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.50%   slipped 0.48 points, or less than 0.1%, to 29,276.34. It had been up 0.5%. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.17%   gained 10.55 points, or 0.1%, to 9,638.94.

After a downbeat January, U.S. stocks have been mostly notching gains this month as traders brush off fears about the virus outbreak and its impact on businesses and the global economy. Beijing has promised to take measures to soften the blow to China’s economy and investors are hopeful that other governments will do the same if necessary.

Benchmark crude oil   added 60 cents to $50.54 a barrel. It rose 37 cents to settle at $49.94 a barrel. Brent crude oil  , the international standard, gained 92 cents to close at $54.93 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1441%   rose slightly to 109.89 Japanese yen from 109.85 yen on Tuesday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,539.10
+27.48 +0.12%
Volume: 0.00
Sept. 29, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,952.10
-0.20 -0.0034%
Volume: 625,981
Sept. 29, 2020 5:24p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,327.89
+19.81 +0.86%
Volume: 646,218
Sept. 29, 2020 3:32p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,275.53
-200.52 -0.85%
Volume: 1.53M
Sept. 29, 2020 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,224.36
+6.82 +0.21%
Volume: 15.13B
Sept. 29, 2020 3:01p
loading...
/zigman2/quotes/204659678/composite
US : U.S.: Nasdaq
$ 114.16
-0.08 -0.07%
Volume: 1.41M
Sept. 29, 2020 1:44p
P/E Ratio
37.22
Dividend Yield
N/A
Market Cap
$141.41 billion
Rev. per Employee
$832,885
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,337.28
-14.32 -0.43%
Volume: 1.12B
Sept. 29, 2020 1:44p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,445.33
-138.73 -0.50%
Volume: 179.45M
Sept. 29, 2020 1:44p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,098.52
-19.00 -0.17%
Volume: 1.93M
Sept. 29, 2020 1:44p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
105.6470
+0.1520 +0.1441%
Volume: 0.0000
Sept. 29, 2020 1:44p
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