It was an interesting day, as stocks were mixed in Asia-Pacific on December 28, after overnight gains on Wall Street that sent the major averages to record highs.
It is worth noting that, in Japan, the Nikkei 225 led gains among the region’s main markets as it jumped 2.66% to end its trading day at 27,568.15. This is the best result in decades. Interestingly, shares of index heavyweight Fast Retailing, as well as conglomerate Softbank Group, added 4.5% and 4.53%, respectively. Notably, the Topix index added 1.74% to close at 1,819.18.
South Korea’s Kospi index gained 0.42% to end its trading day at 2,820.51.
However, mainland Chinese stocks were lower by their close. The Shanghai Composite fell 0.54% to 3,379.04. At the same time, the Shenzhen Component declined 0.526% to 13,970. 21.
Hong Kong’s Hang Seng index advanced 0.9%, as of its final hour of trading.
In Australia, the S&P/ASX 200 gained 0.53% to close at 6,700.30.
U.S. Stocks on Monday
On Monday, the Dow Jones Industrial Average added 0.7% to close at 30,403.97. In the meantime, the S&P 500 gained 0.9% to end its trading day at 3,735.36. The Nasdaq Composite advanced 0.7% to close at 12,899.42.
It is worth noting that, gains stateside came after U.S. President signed a $900 billion coronavirus relief package into law. The package includes a direct payment of $600 to most Americans. Interestingly, President Trump previously demanded a $2,000 direct payment days before the signing.
Unfortunately, millions of Americans across the country are struggling to cope with financial problems as many of them lost their jobs this year. Moreover, some of them are still out of work, and this fact underlines the importance of the problem. Furthermore, it took a lot of time to reach an agreement and lawmakers should start to try to avoid such cases in the future.
Countries around the globe are still struggling to cope with pandemic and its impact on the economy. Moreover, it would take time to return to pre-coronavirus levels. In certain cases such as the airline industry, it could take several years to rhea this result. Governments should work with companies to keep as many jobs as possible in 2021.