Asian shares follow Wall Street gains as U.S. stimulus brings new hopes

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Asian shares continued to rally on Wednesday with Wall Street recovering from major losses as U.S. Congress drew near to rolling out a $2 trillion stimulus package in a response to aid a virus-hit economy.

MSCI’s broadest index of Pacific Asia outside of Japan advanced by 1.7%. Meanwhile, Japan’s Nikkei soared by 4.8%.  Shares in South Korea gained 3.5% while Australian shares jumped up to 3.5%.

MSCI on Tuesday showed an 8.39% surge, marking it as the biggest gain in a day since the 2008 financial crisis. In Asia, it inched up by an additional 0.8% on Wednesday.

The Dow Jones Industrial Average also climbed up by 11.37%, a record single-day peak since 1993.

However, the U.S. S&P500 index remained at 27% below its record highs in February.

The U.S. Congress said on Tuesday they were closing in on an agreement for a $2 trillion stimulus package in order to soften the economic impact of the coronavirus pandemic. However, there were no details about their availability to vote on a bill.

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