Markets followed Wall Street higher last week after unexpectedly strong U.S. jobs data despite some American states reporting record new coronavirus infections. U.S. markets were closed Friday for a holiday."The battle between the COVID-19 drag and improving economic conditions continues," said Jingyi Pan of IG in a report.
The Kospi in Seoul rose 1.3% to 2,180.70 and Sydney's S&P-ASX 200 advanced 0.2% to 6,070.10. New Zealand, Singapore and Jakarta also gained. Markets also are watching an election in Singapore and possible unrest in Hong Kong over a security law. Whether the rally can be sustained "is hugely dependent on how markets react if improving data stabilizes or goes into reverse," said Stephen Innes of AxiCorp in a report.The Nasdaq composite climbed 0.5% to a new record. The Dow Jones Industrial Average gained 0.4%.
CTV: Asian stocks rise Also CTV: Shows a picture of the stock market declining
That’s not what that stock photo says. But, with the stock market, who knows? Up is down, and down is up, just the way it should be in 2020.
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