Stock market today: Asian markets surge higher after Wall Street takes a breather

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The rally in Asia followed an announcement that the Chinese government plans to give cash handouts or discount vouchers to the poor ahead of next week's National Day holidays. Such direct payments are unusual for China, but appear designed to address a weak point for the economy — faltering consumer spending.

Hong Kong's Hang Seng climbed 1.7% to 19,461.25 and the Shanghai Composite index added 0.6% to 2,914.19.South Korea's Kospi jumped 2.1%, to 2,649.51, after semiconductor maker SK Hynix launched production of a new memory chip for artificial intelligence. SK Hynix shares jumped 8.8%.The Dow Jones Industrial Average dropped 0.7% to 41,914.75 after likewise setting a record the day before. The Nasdaq composite edged up by less than 0.1%, to 18,082.21.on confidence among U.S. consumers.

Sales of new homes across the country slowed in August, but not by as much as economists feared, according to a report released Wednesday.The Fed kept its main interest rate at a two-decade high for more than a year in hopes of slowing the U.S. economy enough to stifle inflation. Last week, it swung toward protecting the job market by cutting the federal funds rate by a larger-than-usual half of a percentage point. Critics say it may be moving too late.jumped 10.

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