Asian stocks advance after Wall St ends winning streak

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New York Stock Exchange

In this photo provided by the New York Stock Exchange, traders work on the floor, Tuesday, Feb. 9, 2021. Stocks were slightly lower in early trading on Tuesday, after the major stock market indexes hit record highs the day before. Investors continue to keep their eyes on Washington, where it appears Democrats plan to move ahead without Republican help on a major stimulus bill for the economy. (Courtney Crow/New York Stock Exchange via AP)

BEIJING – Asian stock markets rose Wednesday after Wall Street broke a six-day winning streak.

Shanghai, Tokyo, Hong Kong and Seoul all advanced.

Wall Street's benchmark S&P 500 index ended down 0.1% as investors watched Washington, where President Joe Biden’s Democrats planned to move ahead without Republican help on a stimulus plan.

“Investors naturally thought it worth reducing some equity market risk after the recent volatility,” said Stephen Innes of Axi in a report. But “everything should eventually come up roses” due to optimism about stimulus, U.S. central bank support and the rollout of coronavirus vaccines.

The Shanghai Composite Index rose 0.7% to 3,629.54 while the Nikkei 225 in Tokyo advanced just under 0.1% to 29,531.48. The Hang Seng in Hong Kong added 1.6% to 29,958.51.

The Kospi in Seoul gained 0.2% to 3,091.02 and Sydney's S&P-ASX 200 was 0.6% higher at 6,860.50.

New Zealand and Singapore retreated while Bangkok and Jakarta rose.

On Wall Street, the S&P 500 index slipped to 3,911.23. The Dow Jones Industrial Average dropped less than 0.1%, to 31,375.83. The Nasdaq rose 0.1% to 14,007.70.