BEIJING – Asian stock prices followed Wall Street higher on Wednesday following a rally for major tech companies.
Shanghai, Tokyo and Hong Kong advanced. South Korea retreated. Wall Street's benchmark S&P 500 index closed up 1.4%, led by gains for Apple, Amazon and other tech majors.
The Nasdaq composite index, dominated by tech shares, surged 3.7% for its biggest gain in four months. Markets have been adjusting to a rise in long-term interest rates in the bond market, which has pulled money out of stocks.
A reversal in bond market trends at least temporarily sent investors back to companies they hope will thrive after the coronavirus pandemic ends.