Chinese benchmarks rose on reports the government is planning new measures to support the ailing property sector, which has dragged on growth over the past...
BANGKOK — Shares rose in Asia on Friday after an advance on Wall Street led by the latest rally in technology companies.
Chinese benchmarks rose on reports the government is planning new measures to support the ailing property sector, which has dragged on growth over the past several years. While outside experts had increasingly criticized China’s containment policy, which sought to isolate every case, as unsustainable, they have also warned that the country will now face a challenging first wave, as the loosened measures will no doubt fuel an increase of cases.
On Thursday, the S&P 500 SPX rose 0.8% to 3,963.51, while the tech-heavy Nasdaq Composite COMP closed 1.1% higher, at 11,082. The Dow Jones Industrial Average DJIA added 0.5% to 33,781.48.Tech stocks powered much of the rally, along with health care companies and retailers. Chipmaker Nvidia NVDA climbed 6.5%, Pfizer PFE rose 3.1% and Nike NKE gained 2.8%.
Activision Blizzard ATVI lost 1.5% after the Federal Trade Commission said it is suing to block Microsoft’s MSFT planned $69 billion takeover of the video game company, saying it could suppress competitors to its Xbox game consoles and its growing games subscription business. Microsoft rose 1.2%. The Fed will meet next week and is expected to raise its benchmark interest rate by a half-percentage point.
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