- Overnight on Wall Street, the Dow Jones Industrial Average rose more than 400 points to close at a record.
- The moves stateside came amid investor optimism over the prospect of additional fiscal stimulus and coronavirus relief as Democrats look poised to take control of the Senate.
- Pro-Trump rioters stormed the U.S. Capitol and caused Congress to suspend proceedings to confirm the election of Joe Biden as president. But markets were largely unaffected by the mayhem.
- Australia’s trade data for November is expected to be out at around 8:30 a.m. HK/SIN on Thursday.
SINGAPORE â€” Stocks in Asia-Pacific rose in Thursday morning trade after the Dow Jones Industrial Average surged to an all-time high overnight despite unrest in Washington.
In Japan, the Nikkei 225 jumped 1.21% in early trade while the Topix index gained 1.24%. South Korea’s Kospi advanced 1.26%.
Stocks in Australia also jumped, with the S&P/ASX 200 up around 1.3%. Australia’s trade data for November is expected to be out at around 8:30 a.m. HK/SIN on Thursday.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.41% higher.
Rioters storm U.S. Capitol
Overnight on Wall Street, the Dow rose 437.80 points to close at a record of 30,829.40. The S&P 500 advanced 0.57% to finish its trading day at 3,748.14 while the Nasdaq Composite closed 0.61% lower at 12,740.79.
The moves stateside came amid investor optimism over the prospect of additional fiscal stimulus and coronavirus relief as Democrats look poised to take control of the Senate.
NBC News projected that Democrats Raphael Warnock and Jon Ossoff would defeat Republicans Kelly Loeffler and David Perdue in two runoffs in Georgia. Those wins split the upper chamber 50-50, with Vice President-elect Kamala Harris becoming the tiebreaker vote to give the party control of the Senate.
That news, however, was largely overshadowed by chaos in Washington. Pro-Trump rioters stormed the U.S. Capitol and caused Congress to suspend proceedings to confirm the election of Joe Biden as president. The Capitol was finally secured late Wednesday afternoon. Still, markets were largely unaffected by the mayhem.
“For the first time in 10 years, it appears that Democrats will have control of the House, Senate and White House. But the process has been halted by an unprecedented invasion of Capitol Hill during the Electoral vote count,” Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, wrote in a note dated Wednesday.
“It may be days before there is a final resolution but there’s very little chance the outcome will change which is why stocks and currencies held onto their gains,” Lien said. “Looking beyond the protests, a united government has significant ramifications for US policy and the economy.”
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.53 following an earlier high around 89.8.
The Japanese yen traded at 103.03 per dollar after trading at levels below 102.8 against the greenback yesterday. The Australian dollar changed hands at $0.7811, having risen from levels below $0.77 this week.
Here’s a look at what’s on tap:
- Australia: Trade data for November at 8:30 a.m. HK/SIN
â€” CNBC’s Amanda Macias and Dan Mangan contributed to this report.