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Shares moved higher in Asia on Tuesday after the initial shock of learning that President Donald Trump tested positive for coronavirus helped Wall Street recover from its losses.
Trump left the hospital after spending less than three days there, returning to the White House late Monday night despite uncertainties about his recovery and the dangers that he is still infected.
Shares rose in Tokyo, Hong Kong and Seoul. Markets in mainland China are closed for a week-long holiday.The Dow jumps back 465 points as Trump returns to the White House
Overnight, the S&P 500 rose 1.8%. Treasury yields and oil all rose after both Trump and House Speaker Nancy Pelosi took note of the week of additional support for the economy.
Australia’s S&P / ASX 200 rose 0.4% to 5,962.10 after the central bank kept its policies unchanged. Later on Tuesday, the treasurer was set to unveil a large spending financial blueprint for the next few years, which would create business investments and employment while repairing the epidemic damage to the economy.
Overnight, the S&P 500 jumped 60.19 points to 3,408.63, rising nine out of 10 stocks in the index. Energy manufacturers and technology companies took the lead. The Minhill, Dow J rose 1.7% to 28,148.64 and the Nasdaq Composite rose 2.3% to 11,332.
The annual budget is expected to have a wage subsidy designed to bring unemployed young Austral Australians back to work. The government also hopes to push ahead with planned income tax cuts.
Treasurer Josh Friedenberg will also announce that record debt will increase in the current financial year from next June.
Japan’s Nikkei 225 jumped 0.5% to 23,433.73 and Hong Kong’s Hang Seng rose 0.8% to 23,953.82. South Korea’s Kospi rose 0.3% to 2,364.11.
India’s Sensex rose 0.8% to 39,294.51. Shares also rose in Taiwan and Southeast Asia.
“Asian markets are quiet away from mainland China and are wary of potential negative headlines from the White House,” Jeffrey Haley of Onda said in a comment.
We showed us why we need to revive our local replacement chain. Let’s now act: U.S. Steel CEO Burritt
Overnight, the S&P 500 rose 60.19 points to 3,408.63, with the index gaining 9 out of 10 stocks. Energy manufacturers and technology companies took the lead.
The market rally gained momentum after Trump tweeted in the afternoon that he planned to leave the hospital, though his medical team said they “haven’t come out of the woods yet.”
The Dow Jones Industrial Average rose 1.7% to 28,148.64 and the Nasdaq Composite rose 2.3% to 11,332.49. Smaller stocks rose further in a sign of improved market optimism, with the Russell 2000 index up 2.8% to 1,581.96.
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Markets plummeted on Friday after Trump reported a positive COVID test, with Democrat J. B. Biden saying the White House victory would mean higher taxes and stricter rules for companies, which could pull down their profits. But analysts said the Democratic sweep of the election could also increase the likelihood of a major government support plan for the economy, something that is being claimed for congressional investors with job benefits and other stimulus approved by Congress in March.
Pelosi told airline officials on Friday to stop the furlough of thousands of workers because aid to the industry was “imminent” either as a stand-alone effort or as part of a comprehensive rescue package. The airline’s stand-alone bill on Friday failed to move forward in the House, but hopefully remains to be seen for the larger effort.
“Expectations are rising that there will be a compromise. “With the FOMO of OM World’s genomes (fear of disappearance), even though everything has gone awry, I have a provision to see improvement, if they don’t,” said Onda’s Haley.
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The 10-year Treasury yield rose 0.77% from 0.76% late Monday night.
U.S. The benchmark crude oil traded up 11 cents on the New York Mercantile Exchange at 11.33.33. It rose 17 2.17 on Monday to 39.22 per barrel. Internationally, Brent crude is up 13 cents at 41.42 dollars per barrel.
In currency transactions, the US dollar weakened from 105.73 yen to 105.67 Japanese yen. Euro 17 has risen from 1.1786 to 1.1788 dollars.
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A.P. Business authors Stan Choi and Damien J. Trois contributed.
