BEIJING — Asian stocks were mostly higher Tuesday after Wall Street rose to a new record.
Overnight, Wall Street’s benchmark S&P 500 index closed 0.7% higher. Investors were encouraged by company earnings, news that a surge in coronavirus cases is easing, progress in distributing vaccines and the possibility of government stimulus.
Despite concern prices might be rising too fast, investor optimism means “the momentum behind this reflation trade remains a force to reckon with,” said Jingyi Pan of IG in a report.
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Hopes that US lawmakers would pass Joe Biden’s huge stimulus package helped push Asian markets higher again Monday, while traders were also cheered by falling infection rates and the rollout of vaccines.