SINGAPORE – Asian stocks extended a global rally Thursday amid investor optimism that the U.S. economy may grow more than previously expected this year.
Benchmark oil stayed below $98 per barrel while the dollar was lower against the euro but steady against the yen.
Tokyo’s Nikkei 225 rose 0.7 percent to 8,875.21 while Hong Kong’s Hang Seng gained 1.5 percent to 20,629.68 and Seoul’s Kospi added 1.1 percent to 1,980.90.
Signs of an improving U.S. economy have helped bolster trader sentiment. Factories raised output in January by the most in seven months, according to the Institute for Supply Management’s manufacturing index on Wednesday. And the Commerce Department said construction spending rose 1.5 percent in December, the fifth straight monthly gain.
Investors have also been cheered by growing optimism that contagion from a likely Greek debt default can be contained.
Global equities are advancing “on hopes of the global economy gaining a solid footing and the banking sector continued to rally on the belief that Europe will avoid a catastrophe,” IG Markets in Melbourne said in a report.
On Wednesday, the Dow Jones industrial average closed up 0.7 percent at 12,716.46. The SP added 0.9 percent to 1,324.09 while the Nasdaq composite index rose 1.2 percent to
Read More from the Article Source: Full Article
