Asian stocks rise for 2nd day on coronavirus vaccine hopes
Asian markets were muted in Tuesday trade as investors weighed the effect that promising news about Pfizer’s Covid-19 vaccine could have on the post-pandemic global recovery. Tech stocks sputtered.
- Hong Kong’s Hang Seng Index ( ) gained 0.4%, losing some of the momentum it had built earlier in the morning.
- Japan’s Nikkei 225 ( ) rose 0.5%, also paring earlier gains.
South Korea’s Kospi () was up 0.2%.China’s Shanghai Composite () lost 0.5%, pulling back from early gains.
The market rally is faltering after the Dow Jones Industrial Index () on Monday finished up nearly 3%, or 835 points.
- S&P 500 ( ) finished up 1.2%.
- The Nasdaq Composite ( ) lagged behind, closing down 1.5%.
- The dollar declined to 104.84 yen from Monday’s 105.45 yen.
- The euro was little-changed at $1.1830.
- In energy markets, U.S. benchmark crude oil lost 39 cents to $39.90 per barrel in electronic trading on the New York Mercantile Exchange.
- Brent crude, the price standard for international oils, shed 27 cents to $42.13 per barrel in London. It rose $2.95 the previous session to $42.40.