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Nov. 22, 2021, 11:21 p.m. EST

Asian markets mixed after late slump on Wall Street

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By Associated Press

Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower.

Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.99% fell 1% while the Shanghai Composite index added 0.4%. The Kospi /zigman2/quotes/210598069/delayed KR:180721 -3.50% in Seoul lost 0.6%, while in Sydney, the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.77% climbed 0.7%. Benchmark indexes in Singapore /zigman2/quotes/210597985/delayed SG:STI -0.35% , Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.15% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.16% retreated. Tokyo markets were closed Tuesday for a holiday.

Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm of the Federal Reserve, a vote of confidence in Powell’s handling of central bank policies during the brutal disruptions caused by the coronavirus pandemic.

Investors are closely watching the Fed to see whether pressure from rising inflation prompts it to speed up its plans for trimming bond purchases and raising its benchmark interest rate.

“Powell getting the nod is a sign that Biden is staying the course on monetary policy and the Fed is steadily moving toward normalizing policy,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “On the whole, the Fed is going to continue to be a force for monetary stability.”

Still, a late-afternoon burst of selling derailed the market from another all-time high on Monday.

The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.64% fell 0.3% to 4,682.94. The Dow /zigman2/quotes/210598065/realtime DJIA -0.21% gained less than 0.1% to 35,619.25. The tech-heavy Nasdaq /zigman2/quotes/210598365/realtime COMP -1.32% gave up 1.3% to 15,854.76.

Bond yields moved solidly higher on heavy selling. The yield on the 10-year Treasury rose to 1.63% from 1.54% late Friday.

On Tuesday, U.S. benchmark crude oil lost 50 cents to $76.25 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude , the standard for international pricing, gave up 35 cents to $79.35 per barrel.

The U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.5180% rose to 115.08 Japanese yen from 114.88 yen late Monday.

Markets in the U.S. will be closed on Thursday for the Thanksgiving holiday. They will also close early on Friday.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,807.00
-482.90 -1.99%
Volume: 1.85M
Jan. 27, 2022 4:09p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,614.49
-94.75 -3.50%
Volume: 487,726
Jan. 27, 2022 3:33p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,838.30
-123.30 -1.77%
Volume: 1.18M
Jan. 27, 2022 5:40p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,260.03
-11.54 -0.35%
Volume: 0.00
Jan. 27, 2022 5:20p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
17,674.40
-26.72 -0.15%
Volume: 0.00
Jan. 26, 2022 1:33p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,611.16
+10.34 +0.16%
Volume: 0.00
Jan. 27, 2022 3:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,322.28
-27.65 -0.64%
Volume: 2.11B
Jan. 27, 2022 2:53p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,097.35
-70.74 -0.21%
Volume: 372.05M
Jan. 27, 2022 2:53p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
13,362.80
-179.32 -1.32%
Volume: 3.23M
Jan. 27, 2022 2:53p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
115.2690
+0.5940 +0.5180%
Volume: 0.0000
Jan. 27, 2022 2:53p
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