Asian stocks set to rise after Wall Street tech-driven rally | Malay Mail

Markets had opened lower after data showed an unexpected rise of more than 1 million in new US claims for unemployment assistance, which reinforced the Fed’s warning on Wednesday about the slackening of the labor market as coronavirus cases rise. — Reuters pic

But gains in Apple Inc, Amazon.com Inc and Microsoft Corp underpinned a rally in Wall Street’s three main indexes as investors bet the tech giants would ride out the economic crisis. That pessimism was reinforced in early trading yesterday as new US jobless claims data came in well above the forecast of economists polled by Reuters that expected 925,000 new applications in the latest week.

On Wall Street, the Dow Jones Industrial Average rose 0.17 per cent, the S&P 500 rose 0.32 per cent, and the Nasdaq Composite gained 1.06 per cent.Spot gold added 0.8 per cent to US$1,945.61 an ounce. US gold futures settled down 1.2 per cent to US$1,946.50 an ounce.

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