Mining stocks rise, S&P 500, Nasdaq jump to new records

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SINGAPORE – Asia Pacific stocks rose in early trading Wednesday as optimism continued to fuel US stocks, with the S&P 500 and Nasdaq making record highs overnight.

Japan’s Nikkei 225 rose 0.55% while the Topix rose 0.61%.

Over in South Korea, the Kospi was up 0.42%.

In Australia, the S & P / ASX 200 rose 0.41%.

Iron ore prices soared, boosting mining stocks. They rose nearly 9% on Tuesday, according to Vivek Dhar, commodities analyst with the Commonwealth Bank of Australia.

Australian mining stocks soared this morning. Rio Tinto was up 3.43% and Fortescue Metals was up more than 4%. BHP rose 1.7%.

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Optimism over the Food and Drug Administration’s full approval of the Pfizer Covid vaccine continued to spur US markets overnight.

The Dow Jones Industrial Average rose 30.55 points, or less than 0.1%, to 35,366.26 points. The S&P 500 rose 0.1% to a new closing high of 4,486.23. The Nasdaq Composite rose 0.5% to 15,019.80, also a new closing high.

Chinese stocks topped the Nasdaq as investors gain clarity about China’s regulatory outlook and buy stocks from names that have been beaten lately.

“The markets are still basking in the glitz of the Pfizer / BioNTech vaccine, which received regulatory approval on Monday, paving the way for organizations to mandate vaccines for workers and thereby increase vaccination rates,” said Tapas Strickland, director for Economy and Markets at National Australia Bank, wrote in a note.

“China’s delta outbreak also appears to be under control as no new domestic cases have emerged for two consecutive days … while the PBoC pledged to increase loan support to smaller businesses and the real economy,” he said.

Oil prices are rising