· Wall Street rebounds from virus fears, helped by factory strength and tech stocks
U.S. stocks rallied on Monday, boosted by heavyweight technology shares and on surprise strength in U.S. manufacturing activity, following a sharp selloff last week on concerns about the economic impact from the fast-spreading coronavirus out of China.
U.S. factory activity rebounded in January after contracting for five straight months amid a surge in new orders, according to the Institute for Supply Management (ISM).
The Dow Jones Industrial Average rose 143.78 points, or 0.51%, to 28,399.81, the S&P 500 gained 23.4 points, or 0.73%, to 3,248.92, and the Nasdaq Composite added 122.47 points, or 1.34%, to 9,273.40.
The U.S. Senate was due to vote on Wednesday on whether to remove President Donald Trump from office following the impeachment process, with the Republican-controlled body widely expected to acquit him.
“The uncertainty caused by the impeachment case looks like it will be over by the middle of the week,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
· Asia stocks mixed as Wall Street rebounds amid virus fears
Stocks in Asia traded mixed on Tuesday morning as investors weigh the potential economic impact of the ongoing coronavirus outbreak that has killed hundreds in China so far.
In Japan, the Nikkei 225 declined 0.46% while the Topix index shed 0.34%. South Korea’s Kospi, on the other hand, rose 0.29%.
Meanwhile, shares in Australia were little changed in morning trade, with the S&P/ASX 200 up slightly.
Overall, the MSCI Asia ex-Japan index traded 0.07% higher.
Investors will await the Reserve Bank of Australia’s interest rate decision, set to be announced around 11:30 a.m. HK/SIN.
Investors will also likely continue to watch for developments on the ongoing virus outbreak that has dented sentiment in recent days as questions remain over its potential economic impact.
Reference: Reuters, CNBC
Thai
Eng