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Asian stocks follow Wall Street higher after tech rally

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Asian stock prices followed Wall Street higher on Wednesday following a rally for major tech companies.

Wall Street's benchmark S&P 500 index closed up 1.4%, led by gains for Apple, Amazon and other tech majors. The Nasdaq composite index, dominated by tech shares, surged 3.7% for its biggest gain in four months.

The Shanghai Composite Index rose 0.7% to 3,381.84 and the Nikkei 225 in Tokyo advanced 0.3% to 29,106.84. The Hang Seng in Hong Kong added 0.5% to 28,9904.00.India's Sensex opened up 0.4% at 51,229.28. New Zealand and Indonesia rose while Singapore retreated. Apple rose 4.1%, chipmaker Nvidia climbed 8% and Tesla jumped 19.6% for the biggest gain in the S&P 500.The Nasdaq advanced to 13,073.82. Despite that, the index is 7.2% below its Feb. 12 high. On Monday it closed 10% below its peak in what is known as a correction on Wall Street.

Bond yields, or the difference between a bond's market price and the payout at maturity, have been widening due to rising expectations for growth and the inflation that could follow. Inflation erodes the value of that future bond payout, encouraging investors to shift to stocks.

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