Japan's Nikkei at 30-year high after Trump OKs stimulus
Stocks rose Tuesday in Asia, with Japan’s Nikkei 225 index hitting a 30-year high after President Donald Trump signed a $900 billion economic aid package.
Wall Street set fresh records on Monday after Trump opted not to veto the bill, helping to staunch uncertainty as governments reimpose pandemic-fighting travel and business curbs weighing on global economic activity.
In Tokyo, the Nikkei 225 jumped 2.7% to 27,568.15, the first time it has traded above 27,000 since August 1990, according to FactSet. The market hit its all-time peak close of 38,915.87 on Dec. 29, 1989.
The benchmark was buoyed by strong gains in heavyweights like Mitsubishi Heavy Industries, which surged 4.6%, apparel maker Fast Retailing, also up 4.6%, and technology and energy company SoftBank, which gained 4.2%.
Other Asian shares were also mostly higher.
Hong Kong's Hang Seng index rose 0.9% to 26,557.18. In South Korea, the Kospi edged 0.1% higher to 2,814.16. Australia's S&P/ASX 200 climbed 0.5% to 6,700.30.
The Shanghai Composite index fell 0.3% to 3,386.57. Shares fell in Taiwan and Indonesia but rose in Malaysia and Singapore.
Trading is thinning as tumultuous 2020 draws to a close. But after nosediving in March as the pandemic took hold, share prices have more than recovered, helped by massive infusions of central bank cash and ultra-low interest rates, which make shares potentially more lucrative than other investments.
Investors have gained confidence with the rollouts of coronavirus vaccinations they hope will pave the way for a return to normal activity in coming months.
On Monday, the S&P 500 climbed 0.9% to 3,735.36, powered by gains in technology, communication services and consumer discretionary stocks. Companies that were hit the hardest by the pandemic, including...
