Asian stock markets were up more than down today after generally closing in the black for two days in a row. After U.S. President Donald Trump said that the new economic revitalization program is unlike anything else and asked members of Congress to revise the content, investors initially seemed unmoved.
The surge in the number of people infected with the disease around the world, coupled with the emergence of a new, more contagious variant of the virus strain in the United Kingdom, forced governments to implement stricter restrictions and embargoes during the holiday-filled period, hitting stock and oil prices.
Concerns about a spike in the number of people infected with the disease overshadowed vaccinations and a positive economic bailout package of about $900 billion finally finalized by the U.S. Congress.
Many of the positives on vaccines were absorbed long ago, even the revitalization package, as investors largely anticipated it,” said Joanne Feeney, portfolio manager at capital management firm Advisors Capital Management.
Nevertheless, Asian stocks turned stronger today. Tokyo stocks rose 0.33%, Hong Kong stocks rose 0.86%, Shanghai stocks rose 0.76%, Taipei stocks rose 0.32%, Seoul stocks rose 0.96%, Sydney stocks rose 0.66%, Singapore stocks edged up 0.22%, Wellington stocks climbed 1.38%, and Manila stocks edged up 0.03%.
Bangkok stocks fell 0.59% and Jakarta stocks dipped 0.24%.
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