Specialist Patrick King works at the New York Stock Exchange on Monday, Nov. 23, 2020. Stocks rose in early trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and treatments, tempering concerns over rising virus cases and business restrictions. (Nicole Pereira/New York Stock Exchange via AP)

Hong Kong (CNN Business)Stocks in Asia jumped on Wednesday, following Wall Street’s rally that saw the Dow pass the 30,000 milestone for the first time, as investors cheered positive vaccine news and signs that a formal transition of power is finally underway in the United States.

Hong Kong’s Hang Seng Index (HSI) rose 1.3%, China’s Shanghai Composite (SHCOMP) was up 0.1% and South Korea’s Kospi (KOSPI) rose 0.7%.

Japan’s Nikkei (N225) led the region’s gains, rising around 2% to its highest level since early 1991. Shares in the country’s flagship carrier ANA jumped nearly 3%, after Japan and China announced on Tuesday that they had agreed to resume business travel by end of month.

US stock futures were also slightly up. Dow (INDU) futures rose 100 points, or 0.4%. S&P (SPX) futures were up 0.4% and Nasdaq (COMP) futures were up 0.6%.

The spate of promising coronavirus vaccine developments in recent weeks is driving the global stocks surge, according to Stephen Innes, chief global market strategist at Axi.

“Global investors are elated by the vaccine news,” Innes wrote in a note on Wednesday.

Investors are also relieved to see that a formal transition from US President Donald Trump to President-elect Joe Biden is finally underway, Innes said.

The US General Services Administration is starting the so-called ascertainment process, which allows Trump administration officials to coordinate with the Biden team. Sources confirmed to CNN that former Federal Reserve chair Janet Yellen will be Biden’s nominee for Treasury Secretary.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

EBay sees current-quarter revenue above view as more people shop online

(Reuters) – EBay Inc (EBAY.O) forecast current-quarter revenue above Wall Street estimates on Wednesday, as the e-commerce company benefited from a surge in online orders with people staying indoors because of the COVID-19 pandemic. The rapid spread of the coronavirus…

Robinhood users’ favorite stocks roar back after selloff

NEW YORK (Reuters) – Shares of airlines, cruise lines and other companies that have been popular with investors on the Robinhood trading app shot higher on Friday, a day after stocks suffered their worst one-day market rout in about three…

Tim Tam maker Arnott’s loses 50 jobs in first cuts since KKR buyout

HONG KONG/SYDNEY (Reuters) – Arnott’s, maker of Tim Tam biscuits and other snacks, is shedding about 50 staff, a representative told Reuters, the first such cuts since U.S. private equity firm KKR & Co Inc (KKR.N) bought one of Australia’s…

China’s crude oil output on the rise

BEIJING – China’s crude oil output gained 1.5 percent year-on-year in the first half of 2020, data from the National Development and Reform Commission showed. The output came in at 96.5 million tons for the January-June period, which saw 312.66…