BANGKOK – Shares were mostly higher in Asia on Wednesday as investors awaited the outcome of a Federal Reserve meeting.
The advance followed a sell-off that brought a weekslong rally on Wall Street to an abrupt halt. Markets rose in Tokyo, Hong Kong and Sydney but fell in Shanghai.
U.S. futures were higher. Overnight, the S&P 500 fell 0.8%, its largest loss in almost three weeks. A day earlier, it had turned positive for the year for the first time since February.
Skeptics have been saying for weeks that the rally may have been overdone given uncertainties over how strong and sustainable economic recoveries may be when infections and fatalities are still rising in many countries. “Supported by U.S.