Stocks in Asia were set to trade higher on Wednesday following overnight momentum from Wall Street as the S&P 500 and Nasdaq Composite touched fresh record closing highs.
Meanwhile, stocks in Australia rose in early trade, with theOvernight on Wall Street, the S&P 500 closed 0.2% higher at 3,357.75 while the Nasdaq Composite advanced 0.1% to end its trading day stateside at 9,638.94. TheThe moves came after U.S.
Powell's comments come as investors continue to grapple with uncertainty surrounding the virus that has already taken more than 1,000 lives, with most of them coming from China, where the outbreak was first reported. "Based on comments, it is clear that the Fed is unfazed because China has taken strong measures to contain the virus and provide liquidity. There are very few cases in the US and so far, the impact on the US economy is limited," Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, wrote in a note dated Feb. 11.
Lien warned, however, that "many factories supplying US business in China remain shut and flights to China remain canceled.", which tracks the greenback against a basket of its peers, was last at 98.749 after declining from levels above 98.8 seen earlier.
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