Asian shares mixed after stimulus lifts Dow, S&P to records

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A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Friday, March 12, 2021. Stocks were mixed in Asia on Friday after broad gains lifted several major indexes to all-time highs on Wall Street. (AP Photo/Lee Jin-man)

Stocks were mixed in Asia on Friday after broad gains lifted several major indexes to all-time highs on Wall Street.

Tokyo’s benchmark rose 1% while Chinese indexes slipped as investors cashed in on recent surges in share prices. Oil prices fell slightly and the yield on the U.S. 10-year Treasury was steady at 1.54%.

U.S. markets surged after President Joe Biden signed into law a sweeping pandemic relief package that would provide $1,400 checks for most Americans and direct billions of dollars to schools, state and local governments, and businesses affected by pandemic-related shutdowns, which began a year ago.

That and progress in vaccinations against Covid-19 have helped settle some of the uncertainty that has roiled markets in recent weeks.

The Nikkei 225 added 277 points to 29,488.74 while South Korea's Kospi climbed 0.9% to 3,041.31. In Australia, the S&P/ASX 200 added 0.8% to 6,764.90. Hong Kong's Hang Seng lost 0.5% to 29,238.89 and the Shanghai Composite index declined 0.3% to 3,428.15.

Shares rose in Jakarta but fell in Singapore and Malaysia. Taiwan was unchanged.

On Thursday, the S&P 500, the Dow Jones Industrial Average and a measure of small-company stocks all closed at record levels as a recent stretch of volatile trading in the bond market continued to ease, keeping investors in a buying mood.

The S&P 500 added 1% to 3,939.34. The Dow added 0.6% to 32,485.59, its second all-time high in a row.