Asia Stocks Set to Rise After U.S. High; Oil Drops: Markets Wrap
Added 04-05-21 08:04:01pm EST - “(Bloomberg) -- Asian stocks look set to climb Tuesday after U.S. equities rallied to a record on solid economic data that added to evidence of a strengthening recovery. The dollar and crude oil held losses.Futures pointed higher in…” - News.yahoo.com
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(Bloomberg) -- Asian stocks look set to climb Tuesday after U.S. equities rallied to a record on solid economic data that added to evidence of a strengthening recovery. The dollar and crude oil held losses.
Futures pointed higher in Japan, while Australian and Chinese markets will reopen after holidays. Hong Kong remains closed. S&P 500 futures edged higher after the gauge reached an all-time high with most of its major groups advancing. Megacap U.S. internet and technology stocks rallied amid optimism about the strong pace of economic growth. Facebook Inc. surged to a new peak as the Nasdaq 100 jumped 2%.
Oil held onto most of its decline as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a swift decline in global inventories.
U.S. data continued to highlight an economic pickup as more Americans are vaccinated against the coronavirus, restrictions are rolled back and fiscal relief takes hold. U.S. service providers had the fastest growth on record in March as orders jumped to new highs. A report last week showed employers in the world’s largest economy added the most jobs in seven months.
At the same time, investors are weighing the impact of the Biden administration’s proposed increase to the corporate tax rate to help fund its spending plan.
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