SYDNEY - Asian stocks rose strongly on Thursday , a day after US S&P 500 hit a record peak following encouraging economic data and as investors speculated the fallout from the coronavirus could be contained.
A third straight day of gains on Wall Street on Wednesday raised stocks to a record, as investors took comfort in signs that the American economy was on solid footing despite risks tied to the spread of the coronavirus both inside and outside China. Overnight, the S&P 500 jumped 1.1 per cent to a record close of 3,334.69 while the Nasdaq Composite added 0.4 per cent to 9,508.68, also a record high.
Worried that efforts to contain the virus would dampen growth in China and elsewhere, traders had battered stock prices last week. But this week, some of the panic seems to have dissipated and shares in the United States and overseas have mostly rallied.
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