BEIJING — Asian stock markets rose Wednesday after Wall Street broke a six-day winning streak.
Wall Street’s benchmark S&P 500 index ended down 0.1% as investors watched Washington, where President Joe Biden’s Democrats planned to move ahead without Republican help on a stimulus plan.
“Investors naturally thought it worth reducing some equity market risk after the recent volatility,” said Stephen Innes of Axi in a report. But “everything should eventually come up roses” due to optimism about stimulus, U.S. central bank support and the rollout of coronavirus vaccines.
The Shanghai Composite Index
SHCOMP,
rose 1% while the Nikkei 225
NIK,
in Tokyo declined 0.1%. The Hang Seng
HSI,
in Hong Kong added 1.7%.
The Kospi
180721,
in Seoul gained 0.1% and Sydney’s S&P/ASX 200
XJO,
was 0.5% higher. Stocks slipped in Singapore
STI,
and Indonesia
JAKIDX,
On Wall Street, the S&P 500 index
SPX,
slipped to 3,911.23. The Dow Jones Industrial Average
DJIA,
dropped less than 0.1%, to 31,375.83. The Nasdaq
COMP,
rose 0.1% to 14,007.70.
All three hit record highs on Monday.
A mix of companies that deal with consumer services and products were the biggest drag on the broader market, outweighing gains in communications, industrial and health care stocks.
U.S. stocks have risen on optimism the worst economic impact of the pandemic might be past.
In Washington, Democrats have rallied around Biden’s $1.9 trillion stimulus plan for the struggling economy. It includes one-time payments to Americans plus a likely increase in the federal minimum wage to $15 an hour.
In energy markets, benchmark U.S. crude oil
CLH21,
lost 12 cents to $58.24 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 39 cents on Tuesday to $58.36. Brent crude
BRNJ21,
used to price international oils, shed 7 cents to $61.02 per barrel in London. It added 53 cents the previous session to $61.09 a barrel.
The dollar
USDJPY,
gained to 104.60 yen from Tuesday’s 104.55 yen.
