New York (CNN Business)Markets in Asia Pacific are climbing after Wall Street’s best day in two weeks.
Japan’s Nikkei advanced 2.3% in Tuesday trade. South Korea’s Kospi (KOSPI) increased 1%, and Hong Kong’s Hang Seng (HSI) moved up 0.8%. Australia’s S&P/ASX 200 improved 0.2%.China’s Shanghai Composite (SHCOMP) increased 1.4%, reopening after Monday’s holiday.
Wall Street rallied Monday on optimism that the global coronavirus pandemic could be stabilizing. The Dow ended the day up 7.7%, and the S&P 500 and Nasdaq both closed around 7% higher. That optimism dropped off during after-hours trading, though. Dow (INDU) futures were last down 0.1%, or 20 points. S&P 500 (SPX) futures were flat. Nasdaq (COMP) futures fell 0.2%.Read MoreThere are signs that investors might no longer be quite as concerned about coronavirus and its effects on the economy as they have been in recent weeks. The CNN Business Fear & Greed Index, which looks at the VIX (VIX) volatility gauge and six other measures of market sentiment, is now registering Fear levels as opposed to Extreme Fear. The index is at 32. Anything at 25 or under is Extreme Fear.
But there are still likely challenges ahead. The US surgeon general said this week is going to be the “hardest and saddest” for Americans as the coronavirus outbreak continues to ravage the country. And JPMorgan Chase (JPM) CEO Jamie Dimon said in his annual shareholder letter on Monday he expects a “bad recession” because of the impacts of coronavirus on the economy. — Jill Disis contributed to this report.
Source: edition.cnn.com
