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Asian Markets Up Following Wall Street Gains

Kenneth Schwartz

   Asian markets rose by midday Friday after U.S. markets surged for a
   third straight day as the U.S. Senate passed the $2 trillion
   coronavirus relief '¯bill.

   Japan's Nikkei index gained 1.2 percent, so did the Hang Seng in Hong
   Kong. South Korea's Kospi rose 1.7 percent and the Shanghai Composite
   index was up 1.4 percent.

   Jakarta's benchmark shot up 7.2 percent and Singapore's STI climbed 2.9
   percent while in Australia, the S&P/ASX 200 fell 2.6 percent.

   The advances followed U.S.'¯stocks'¯surging again Thursday after the
   Senate passed the $2 trillion coronavirus relief'¯bill with
   the'¯House'¯likely'¯to follow Friday.

   The Dow'¯Jones'¯Industrial Average shot up 1,352 points, a 6 percent
   gain.'¯The S&P 500'¯and NASDAQ also climbed 6 percent.

   Analysts say'¯U.S.'¯investors shook off the record high 3.2 million new
   jobless claims recorded last week,'¯expecting'¯that number to be
   higher.

   U.S.'¯President'¯Donald Trump is promising to sign
   the'¯economic'¯stimulus package as soon as the House passes it'¯Friday.

   It aims to flood the U.S. economy with billions of dollars in new
   spending for businesses, many of which have been brought to a
   standstill by the coronavirus.

   Those'¯businesses'¯have been forced to lay off millions of workers and
   those'¯who are still'¯working'¯and getting paid aren't finding too
   many'¯stores and amusements open in which to spend.

   Millions more are expected to file for'¯unemployment'¯benefits in the
   coming weeks. The U.S. jobless rate is forecast to
   hit'¯double'¯digits'¯and'¯economists'¯say a'¯recession'¯is almost a
   certainty.'¯

   But it has always been the nature of Wall Street to shake off bad
   economic news, such as high'¯unemployment.'¯Experts
   say'¯the'¯markets'¯don't always run parallel with the economy and
   that'¯traders buy and sell stocks based on what they see in
   the'¯months'¯ahead.

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