Shanghai and Hong Kong declined. Tokyo and Seoul advanced. Oil prices rose to stay above US$110 per barrel.
Expectations of rate hikes “ticked higher” due to Powell's comments, but “markets are shrugging it off and are in need of a breather” after a sell-off, Yeap Jun Rong of IG said in a report. On Wall Street, the S&P 500 advanced to 4,088.85. The Dow Jones Industrial Average rose 1.3% to 32,654.59. The Nasdaq gained 2.8% to 11,984.52.Small-company stocks rose more than the rest of the market, a signal that investors are feeling bullish about the economy. Treasury yields rose.Consumers are providing critical support to the economy despite higher costs for gas, food and rent.
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