Asian shares jump after Dow sees biggest gain since 1933

BANGKOK (AP) — Shares advanced in Asia on Wednesday after the Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal on injecting nearly $2 trillion of aid into an economy ravaged by the coronavirus.

Japan's Nikkei 225 index jumped 5.3%, while Hong Kong added 3% and Sydney climbed 3.6%. Markets across Asia were all up more than 2%.

Tokyo share prices were boosted by the decision to postpone the 2020 Olympics to July 2021 in view of the coronavirus pandemic, which has brought travel almost to a standstill and is leaving many millions of people ordered to stay home to help contain the outbreaks.

U.S. futures edged lower, however, raising uncertainty over what the day may bring. The future for the Dow down 1.1% at 20,387.00 and the contract for the S&P 500 falling 1.6% to 2,399.80.

That followed a stunning 11.4% surge in the Dow overnight. The more closely followed S&P 500 index leaped 9.4% as a wave of buying around the world interrupted what has been a brutal month of nearly nonstop selling.

Economists and investors expect to see some dire measures of the impact of the virus in coming days and weeks, and few believe markets have hit bottom. Rallies nearly as big as this have punctuated the last few weeks, and none lasted more than a day.

A breakthrough in the U.S. Congress on the stimulus package would be another welcome boost to sentiment. Both Democrats and Republicans said Tuesday they were close to agreeing on a massive economic rescue package, which will include payments to U.S. households and aid for small businesses and the travel industry, among other things. A vote in the Senate could come Wednesday.

Now that the Federal Reserve has done nearly all it can to sustain markets, pressure is on...