Stock market today: Asian shares follow Wall St higher as markets await a rate decision by the Fed

FILE - A person walks in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, Jan. 22, 2024. Asian markets were mostly higher Wednesday, March 20, 2024 ahead of expected guidance by the Federal Reserve on the timing of its cuts to interest rates. FILE - Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, March 7, 2024.

The Hang Seng in Hong Kong gained 0.3% to 16,580.95, and the Shanghai Composite index was up 0.5% at 3,077.99. Elsewhere, Australia’s S&P/ASX 200 dropped 0.1% to 7,695.80, while the Kospi in South Korea advanced 1.3% to 2,690.48, Taiwan’s Taiex lost 0.4%.As electric vehicle sales slow, US relaxes plans for stricter auto emissions standards for a whileOn Tuesday, the S&P 500 rose 0.6% to 5,178.51, topping its all-time high set last week. The Dow Jones Industrial Average jumped 0.8%, to 39,110.76, and the Nasdaq composite gained 0.4%, to 16,166.79.

Part of the run for U.S. stocks to records has been because of hopes for such cuts, which would relieve pressure on the economy and financial system. But recent. That could force the Fed to say it will deliver fewer rate cuts this year, and traders have already given up earlier expectations that the year’s first cut would arrive Wednesday.

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