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Stock market today: Asian shares rise after Wall Street rallies to records

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Asian benchmarks are mostly higher after U.S. stocks rallied to records following the Federal Reserve's indication that it expects to deliver interest rate cuts later this year. Japan’s benchmark Nikkei 225 jumped 2.0% to finish at a record high Thursday, after the government reported exports grew nearly 8% in February from a year earlier.

FILE - A person takes photograph an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, Feb. 22, 2024. Asian benchmarks were mostly higher on Thursday, March 21, 2024 after U.S. stocks rallied to records following the Federal Reserve’s indication that it expects to deliver interest rate cuts later this year. FILE - People look at an electronic stock board showing Japan’s stock prices at a securities firm in Tokyo, Jan. 17, 2024.

Fed Chair Jerome Powell said he noticed the last two months’ worse-than-expected reports, but they “haven’t really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road towards 2%. That story hasn’t changed.” “I don’t think we really know whether this is a bump on the road or something more; we’ll have to find out,” Powell said about January and February’s inflation data. “In the meantime, the economy is strong, the labor market is strong, inflation has come way down, and that gives us the ability to approach this question carefully.”

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