Japan's benchmark Nikkei 225 gained 0.2% to finish at 23,360.30. South Korea's Kospi added 0.4% to 2,414.86. Australia's S&P/ASX 200 lost 0.3% to 5,864.50. Hong Kong's Hang Seng rose 0.6% to 24,489.40, while the Shanghai Composite edged up 1.9% to 3,332.96.
The selling came a day after the Federal Reserve said it will keep interest rates at nearly zero for years to support the wheezing economy. The statement failed to encourage Wall Street and the S&P 500 recorded its first loss in four days Wednesday. Low interest rates are usually a boon for investors, sending stocks soaring. So why the sell-off? Analysts gave varying reasons for the market’s weakness. Among them: the gloomy outlook Fed Chair Jerome Powell gave for the economy’s prospects and built-up expectations by some that the Fed would be even more generous with its stimulus. It isn’t the first hangover stocks have suffered following a rate announcement by the Fed.
The number of U.S. workers applying for jobless benefits has been coming down slowly, but it remains historically high. Such signs of a weaker recovery and a potential second wave of the virus are weighing on investors.
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