A currency trader walks near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, April 2, 2021. Asian shares were higher Friday after a broad rally pushed the S&P 500 past 4,000 points for the first time.
BY ELAINE KURTENBACH, AP Business Writer
BANGKOK (AP) — Asian shares were higher Friday after a broad rally pushed the S&P 500 past 4,000 points for the first time.
Many markets were closed for Good Friday. Tokyo surged more than 1% and Seoul and Shanghai also gained.
Various industries are getting a lift from President Joe Biden’s massive infrastructural renewal initiative. The S&P 500 jumped 1.2% while the tech-heavy Nasdaq added 1.8%.
‘’As we enter Q2, optimism abounds as unquestionably spring is in the air with the macro focus squarely on the U.S. and the Biden administration infrastructure plan,” Stephen Innes of Axi said in a report.
Hopes are rising that the recovery from the pandemic and the boost to spending will spur a powerful rebound in U.S. hiring this year and Friday’s jobs report for March will provide crucial insight into whether those rosy expectations may prove true.
Tokyo’s Nikkei 225 index gained 1.4% to 29,821.30 and the Kospi in South Korea added 0.6% to 3,103.45. The Shanghai Composite index picked up 0.4% to 3,481.39.
Stereo maker Onkyo Home Entertainment’s shares plunged nearly 29% after falling 68% on Thursday as the company is due to be delisted in Tokyo after it reported a negative net worth for two straight years.
The company has so far failed to raise enough funding to cover its debt and has forecast a net loss of 5.9 billion yen ($53.6 million) for the fiscal year that ended March 31.
On Thursday, a tech company rally pushed the S&P 500 up 1.2% to 4,019.87, its first close above the 4,000 mark. The Dow Jones Industrial Average gained 0.5% to 33,153.21. The technology-heavy Nasdaq climbed 1.8% to 13,480.11.
Smaller companies that stand to benefit from a quickly growing economy continued to notch solid gains. The Russell 2000 index picked up 1.5%, to 2,253.90.