Asian shares rise after technology-powered rally on Wall St

Oct 13, 2021, 10:52 PM | Updated: Oct 14, 2021, 11:06 pm
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquart...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 15, 2021. Asian shares were higher Friday after technology companies powered the biggest gain on Wall Street since March. (AP Photo/Ahn Young-joon)

(AP Photo/Ahn Young-joon)

Asian shares were higher Friday after technology companies powered the biggest gain on Wall Street since March.

All major regional indexes advanced, with Tokyo gaining 1.4%.

Taiwan shares jumped 2.2% on news that computer chip maker TSMC upgraded its profit outlook.

TSMC, the world’s biggest chip maker, climbed 4.4% after its CEO confirmed reports it plans to open a joint venture semiconductor fabrication plant in western Japan with Sony Corp.

Tokyo’s Nikkei 225 added more than 400 points to 28,961.34 and the Hang Seng climbed 0.8% to 25,174.38. In Seoul, the Kospi advanced 0.8% to 3,014.87.

The Shanghai Composite index picked up 0.3% to 3,568.67 while the S&P/ASX 500 in Australia gained 0.4% to 7,340.70.

On Thursday, the S&P 500 jumped 1.7% to 4,438.26 as a wave of buying gained momentum from a day earlier, when the market broke a three-day losing streak.

The Dow Jones Industrial Average rose 1.6% to 34,912.56 and the tech-heavy Nasdaq climbed 1.7% to 14,823.43.

Small company stocks also notched gains. The Russell 2000 index rose 1.4%, to 2,274.18.

More than 90% of stocks within the S&P 500 gained ground. Apple and Microsoft were among the big gainers in the technology sector, each rising more than 2%.

Financial and health care stocks also did well. JPMorgan Chase rose 1.5%. UnitedHealth Group rose 4.2% after the health insurer raised its profit forecast for the year following a strong third quarter.

The market’s gains came as investors welcomed another batch of encouraging quarterly report cards from several companies. Every S&P 500 company that reported earnings so far this week has exceeded Wall Street’s forecasts.

“It’s not surprising that the market has reacted pretty well to that,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab.

Investors were also reviewing the latest data on jobs and inflation as they try to gauge the economy’s health and path forward.

The Labor Department said the number of Americans applying for unemployment benefits last week fell to its lowest level since the pandemic began. It’s a positive sign for a job market that is still trying to recover from the initial hit from the pandemic 18 months ago. A surge of cases over the summer stunted the recovery.

Businesses are still facing pressure from rising costs. The Labor Department said inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010.

The report came a day after the government said inflation at the consumer level rose 5.4% in September from a year ago, matching the highest rate since 2008.

The market largely took the inflation reports in stride, which suggests investors may be feeling more at ease since the Federal Reserve has signaled it may begin to taper the unprecedented financial support it has been giving the economy since the early days of the pandemic and eventually begin raising its benchmark interest rate in order to combat rising inflation.

Investors will get an update on how higher prices may be affecting consumer spending when the Commerce Department reports retail sales for September on Friday.

Bond yields edged lower. The yield on the 10-year Treasury fell to 1.52% from 1.55% late Wednesday.

In other trading on Friday, U.S. benchmark crude oil gained 44 cents to $81.75 per barrel in electronic trading on the New York Mercantile Exchange. It surged 87 cents to $81.31 per barrel on Thursday.

Brent crude, the standard for international pricing, added 49 cents to $84.49 per barrel.

The U.S. dollar strengthened to 113.92 Japanese yen from 113.67 yen late Thursday. The euro rose to $1.1610 from $1.1596.

___

AP Business Writers Damian J. Troise and Alex Veiga contributed.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Moderna to supply Africa with up to 110 million COVID doses

NAIROBI, Kenya (AP) — Moderna says it will make up to 110 million doses of its COVID-19 vaccine available to African countries. Tuesday’s announcement says Moderna is prepared to deliver the first 15 million doses by the end of this year, with 35 million in the first quarter of 2022 and up to 60 million […]
2 hours ago
Associated Press

COVID-19 cases spike in Belgium; govt poised for action

BRUSSELS (AP) — Coronavirus indicators are shooting upward in Belgium, pushing the government on Tuesday to consider re-imposing some pandemic measures that it only relaxed a few weeks ago. Daily infections in the nation of 11 million increased 75% to reach 5,299 case on a daily basis last week. Hospitalizations have increased by 69% to […]
2 hours ago
FILE- In this Monday, Oct. 4, 2021, file photo, Dutch riot police prepare to board Greenpeace's Bel...
Associated Press

Dutch pension fund to divest from fossil fuel producers

THE HAGUE, Netherlands (AP) — The Netherlands’ biggest pension fund announced Tuesday that it will stop investing in companies that produce fossil fuels, saying the move — that has long been demanded by many members of the fund — was prompted by recent climate reports by the United Nations and International Energy Agency. The ABP […]
2 hours ago
FILE - In this Wednesday, Aug. 21, 2019 file photo, Sudan's Prime Minister Abdalla Hamdok speaks du...
Associated Press

Tense quiet after Sudan coup, protesters block some roads

CAIRO (AP) — Pro-democracy protesters blocked some roads in Sudan’s capital with makeshift barricades and burning tires Tuesday, a day after the military seized power in a swift coup widely denounced by the international community. The prime minister and other senior officials in the transitional government who were arrested Monday by the military continued to […]
2 hours ago
FILE- This Aug. 9, 2017, file photo shows the Youtube, left, and Snapchat apps on a mobile device i...
Associated Press

YouTube, TikTok, Snap execs face senators on kids’ safety

WASHINGTON (AP) — Bearing down on hugely popular social media platforms and their impact on children, the leaders of a Senate panel have called executives from YouTube, TikTok and Snapchat to face questions on what their companies are doing to ensure young users’ safety. The Senate Commerce subcommittee on consumer protection is fresh off a […]
2 hours ago
A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index ...
Associated Press

Asian shares mostly higher, tracking Wall Street rally

TOKYO (AP) — Asian shares were mostly higher Tuesday after another rally to a record high on Wall Street. Stocks have been pushing broadly higher as companies turn in much stronger profit reports for the summer than analysts had expected. Historically low interest rates, along with strong corporate profit growth, have helped the S&P 500 […]
2 hours ago

Sponsored Articles

...
PNC BANK

How your family can explore the Musical Instrument Museum

Whether you want to spend a day with family, do crafts with kids at home, or have an adult night out, the Musical Instrument Museum in Phoenix has options. As the world’s only global musical instrument museum, MIM offers interactive and immersive exhibits to foster an appreciation of different cultures and their instruments. “A visit […]
...
Schwartz Laser Eye Center

How to sharpen your vision with elective procedures

Imagine opening your eyes in the morning and being able to see clearly. You wouldn’t have to wait to put on glasses or contacts, and there would be no more blurry showers nor forgetting where your glasses are.
...
PNC Bank

How one organization supports early childhood literacy for the most vulnerable

Nearly two out of every three children in low-income communities don’t own a single children’s book, a fact that ultimately could have profound impacts even before entering kindergarten, according to Arizona nonprofit Southwest Human Development.
Asian shares rise after technology-powered rally on Wall St