Asian markets gain on hopes Biden will act on economy, virus

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Asian shares were mostly higher ahead of Joe Biden's inauguration as U.S. president Wednesday, though worries about surging coronavirus cases sapped the Japanese market's early gains.

Japan's benchmark Nikkei 225 slipped 0.4% to finish at 28,523.26. Australia's S&P/ASX 200 added 0.4% to 6,770.40, while South Korea's Kospi edged up 0.6% to 3,112.03. Hong Kong's Hang Seng added 0.7% to 29,835.04, while the Shanghai Composite rose 0.1% to 3,570.40.

On Wall Street, the S&P 500 rose 30.66 points, or 0.8%, to 3,798.91, pulling to within 1% of its record high set earlier this month. The Dow Jones Industrial Average added 116.26 points, or 0.4%, to 30,930.52. The Nasdaq composite gained 198.68 points, or 1.5%, to 13,197.18. Janet Yellen, Biden's nominee to be Treasury secretary, told the Senate Finance Committee during her confirmation hearing that the incoming administration would focus on winning quick passage of its US$1.9 trillion pandemic relief plan.

 

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