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.