The Nikkei 225 in Tokyo rose 6.7% to 18,009.50 and Seoul’s Kospi gained 6.9% to 1,585.46. The Shanghai Composite Index rose 1.7% to 2,706.80.
“The risk is that this wall of support from the Fed and the positive reaction in markets may give Congress a sense that it has more time and the pressure to deliver a package is reduced,” Knightley said. Wall Street and some other stock markets have lost nearly one-third of their value over the past month as business shutdowns spread and airlines, retailers and other industries suffer rising losses.
Congress debated through the weekend on the rescue plan, but White House officials and congressional leaders are struggling to finalize it. Democrats blocked a vote to advance the package Monday. They want to steer more of the assistance to public health and workers.