This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Asia Stocks Rise On Positive Start To US Earnings

By PAMELA SAMPSON

BANGKOK (AP) â¿¿ Japan's Nikkei stock index jumped Friday after Prime Minister Shinzo Abe announced a massive spending package intended to breathe life into the country's moribund economy. But other Asian benchmarks fell after the U.S. reported higher-than-expected jobless claims.

The Nikkei 225 in Tokyo gained 1.2 percent to 10,780.45 following Abe's announcement of an anti-recession stimulus package of more than 20 trillion yen ($224 billion) that is intended to add 2 percent to Japan's real growth.

Abe's Liberal Democratic Party, which won a parliamentary election last month, has promised major public works spending and other measures to revive the economy, which has been mired for years in deflation, or continually dropping prices, which deadens economic activity.

Hong Kong's Hang Seng fell 0.1 percent to 23,336.85. South Korea's Kospi lost 0.8 percent to 1,989.66. Australia's S&P/ASX 200 shed 0.3 percent to 4,709.90.

A sharp improvement in Chinese trade boosted helped boost Wall Street on Thursday even though the U.S. government reported that weekly applications for unemployment benefits ticked up last week. The Labor Department said applications rose 4,000 to 371,000, the most in five weeks.

The Dow Jones industrial average rose 0.6 percent to 13,471.22.The Nasdaq composite index rose 0.5 percent to 3,121.76. The Standard & Poor's 500 rose 0.8 percent to 1,472.12, its highest close in five years.

Michael Hewson of CMC Markets said in an email commentary that the data was "a slight disappointment" but that investors put aside their concerns about the U.S. after China's strong trade data, which suggests global demand might be recovering.

Benchmark oil for February delivery rose 5 cents to $93.87 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 72 cents to finish at $93.82 a barrel in New York on Thursday.

In currencies, the dollar rose to 88.98 yen from 88.19 yen late Thursday in New York. The euro was unchanged at $1.3254. The euro jumped Thursday after the European Central Bank left its interest rate at the record low of 0.75 percent. In a press conference, ECB President Mario Draghi said the eurozone economy should start to grow again later this year.

___

Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,253.92 +97.07 0.57%
S&P 500 2,010.72 +9.15 0.46%
NASDAQ 4,593.2790 +31.09 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs