Asian stocks higher after Wall Street rises to new record

Overnight, Wall Street's benchmark S&P 500 index closed 0.7% higher. Investors were encouraged by company earnings, news that a surge in coronavirus cases is easing, progress in distributing vaccines and the possibility of U.S. government stimulus.Despite concern prices might be rising too fast, "the momentum behind this reflation trade remains a force to reckon with," said Jingyi Pan of IG in a report.

On Wall Street, the S&P 500 rose 28.76 points to 3,915.59. The Dow Jones Industrial Average gained 0.8% to 31,385.76. The Nasdaq composite climbed 1% to 13,987.64. "Market participants doubled down on fiscal stimulus bets" after U.S. Federal Reserve officials downplayed concerns the spending might fuel inflation, said Mizuho Bank in a report.

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