BEIJING – Asian action followed Wall Street on Tuesday after President Joe Biden invited Republicans to a meeting to discuss economic aid, while silver fell to a eight-year high.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul have advanced.
On Wall Street, the S&P 500 benchmark gained 1.6%, recovering some losses earlier in the week amid the frantic trading of video game retailer GameStop and other stocks targeted by novice traders.
In Washington, Biden invited 10 moderate Republicans to the White House to discuss his proposed $ 1.9 trillion economic aid plan. Republicans earlier countered with a $ 600 billion offer, or less than a third of the amount proposed by Biden.
“The sound of a bigger stimulus, which tends to lift all boats, was music to the ears of the market,” Stephen Innes of Axi said in a report.
Shanghai SHCOMP Composite Index,
increased by 0.5%, while Nikkei 225 NIK,
in Tokyo it added 0.8%. Hang Seng HSI,
in Hong Kong it advanced by 1.8%.
Kospi 180721,
in Seoul was 1.6% higher and the S & P / ASX 200 XJO in Sydney,
gained 1.4%.
Stocks retreated to New Zealand NZ50GR,
but grew up in Indonesia JAKIDX,
Singapore STI,
and Taiwan Y9999,
Silver fell after jumping at some point to the highest level in eight years.
Silver for delivery March SIH21,
shed 81 cents, or 2.7%, at $ 28.61 an ounce in London.
Last week, messages appeared on the Reddit WallStreet Betting forum and other places on social media that encourage small investors to buy silver. It started on Monday, but many online investors said they did not bid for the price.
Smaller traders are learning “the silver market is much larger than some of the small-cap stocks they have traded,” Edward Moya of Oanda said in a report. “Purchases of silver coins and call option bets are not enough for a driver to send silver prices rising to high levels.”
On Wall Street, the S&P 500 SPX index,
earned at 3,773.86. Dow Jones Industrial Average DJIA,
increased by 0.8% to 30 211.91. COMP Nasdaq compound,
rose 2.5% to 13,403.39.
US markets were affected by the frantic trading of GameStop and other stocks that were expected to decline, but grew after the purchase by novice traders. Other investors said that hedge funds that bet against those shares lose money and sell other shares.
GameStop GME,
decreased 30.8% to $ 225 per share. It ended last year with about $ 18.
Hopes for economic aid, coupled with the Federal Reserve’s commitment to maintaining low-cost loans, have led the S&P 500 and other major indices to record highs.
Investors are bidding for stocks heading into 2021, waiting for the launch of coronavirus vaccines to allow global business and travel to return to normal. This optimism has been affected by increases in infection and interruptions in vaccine administration.
The markets were shaken last week by the AstraZeneca AZN,
the announcement that it would supply the European Union with less than half of the promised doses, prompting the EU to impose export controls. On Sunday, AstraZeneca promised to increase European supply and start delivery earlier.
In the energy markets, the gross US reference CLH21,
rose 52 cents to $ 54.07 a barrel. The contract earned $ 1.35 a month to $ 53.55 a barrel. Brent gross BRNJ21,
accustomed to valuing international oils, it added 49 cents to $ 56.84 a barrel in London. It advanced $ 1.31 in the previous session to $ 56.35.
USDJPY dollar,
fell to 104.92 yen from 104.94 yen on Monday.