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Asian stocks up after Fed's stimulus plan

Asian stocks up after Fed's stimulus plan

Asian stock markets rose in early trading Thursday as investors took heart from the Federal Reserve's plan to buy $600 billion in government bonds in an effort to inject life into the faltering U.S. economy.
Japan's benchmark Nikkei 225 stock index jumped 158.35 points, or 1.7 percent, to 9,318.33.
South Korea's Kospi added 0.5 percent to 1,945.25. Australia's S&P/ASX 200 was also up 0.5 percent at 4,816.90.
In New York on Wednesday, the Dow Jones industrial average rose 26.41 points, or 0.2 percent, to 11,215.13, the highest close in two years, following the Fed's move to buy $600 billion in bonds to stimulate the economy. The aim is to drive interest rates lower in an effort to spark spending and lending.
The Fed's announcement came a day after American voters frustrated by persistent unemployment and the limp housing market handed control of the House to Republicans to Republicans and gave the party a bigger voice in the Senate.
The split will probably make it harder for President Barack Obama to enact any major economic initiatives and could put more pressure on the Fed to get the wobbly economy back on firmer footing.


Updated : 2021-06-22 09:52 GMT+08:00