Asian shares mixed after strong earnings, data lift Wall St

Full Screen
1 / 4

Copyright 2021 The Associated Press. All rights reserved.

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 4, 2021. Asian shares were mixed Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street. (AP Photo/Ahn Young-joon)

Asian shares were mixed after strong corporate earnings and economic data lifted stocks on Wall Street.

Hong Kong and Sydney advanced while Seoul declined. Tokyo and Shanghai were closed for holidays.

On Monday, a strong dose of positive earnings reports and economic data that showed the U.S. economy is growing pushed the S&P 500 up 0.3%. U.S. futures were lower on Tuesday.

Hong Kong's Hang Seng rose 0.4% to 28,475.47 and the S&P/ASX 200 gained 0.3% to 7,048.70. In Seoul, the Kospi lost 0.4% to 3,116.61. Shares rose in Jakarta but fell in Taiwan, Singapore and Malaysia.

On Monday, shares of clothing retailer Gap Inc. and flooring manufacturer Mohawk Industries both gained more than 7%. The Institute for Supply Management’s manufacturing index came in at 60.7, well above the 50-point mark that indicates manufacturing activity is expanding.

Federal Reserve Chairman Jerome Powell said the economic outlook has “clearly brightened” in the United States, but the recovery remains too uneven.

Health care and energy companies helped push stocks higher Monday, with the S&P 500 closing at 4,192.66.

The Dow Jones Industrial Average added 0.7% to 34,113.23. The tech-heavy Nasdaq shed an early gain, falling 0.5% to 13,895.12.