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AP National Business

Asian shares advance on back of rally on Wall Street

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Published 8:39 PM

By ELAINE KURTENBACH
AP Business Writer

Asian shares are mostly higher after U.S. stocks stormed back from sharp losses to log strong gains. Tokyo, Hong Kong, Seoul and Shanghai advanced while Sydney declined. On Monday, the S&P 500 climbed 0.6%, after erasing an early 1.7% loss. Internet-related stocks helped lead the way, including Twitter. It jumped after agreeing to let Tesla CEO Elon Musk buy it. Wall Street is in the midst of one of the most important stretches of the earnings season, with its biggest companies set to report this week. Tuesday’s rebound followed sharp losses a day earlier as global markets were weighed down by worries that strict COVID-19 lockdown measures in China will hurt the global economy. 

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