HONG KONG (AP) — Asian stock markets pushed higher Wednesday after the U.S. central bank again pledged to hold interest rates low and gave a mildly optimistic assessment of the world’s largest economy.
Major markets advanced by 1 percent or more and crude oil prices cracked $82 a barrel as traders increased their bets on riskier investments. The dollar fell against the euro.
The Federal Reserve, following a policy meeting Tuesday, reaffirmed it would keep a key interest rate near zero to help foster economic recovery. The central bank said businesses are making more investments and employment was stabilizing.
Noting companies were still reluctant to hire and the housing market was still weak, its assessment wasn’t entirely positive. But it was an improvement from the Fed’s previous outlook and buoyed hopes the U.S. economy was on track to stronger growth.
News from Europe, meanwhile, added to confidence. The Standard & Poor’s credit rating agency gave its cautious backing Tuesday to the Greek government’s attempts to put its fiscal house in order. That helped relieve concerns, at least for now, the country might be hit with a ratings downgrade and default on its massive debts.
Tokyo’s Nikkei 225 stock average rose 53.27 points, or 0.5 percent, to 10,774.98.
Elsewhere, Hong Kong’s market jumped 361.51, or 1.7 percent, to 21,384.44 and South Korea’s Kospi was higher by 21.49, or 1.3 percent, at 1,669.50.
China’s main Shanghai index added 0.8 percent, Australia’s market rose 1 percent and India’s Sensex benchmark climbed 0.6 percent.
In currencies, the dollar rose to 90.40 yen from 90.22 yen. The euro rose to $1.3783 from $1.3769.
Oil prices rose in Asia, with benchmark crude for April delivery up 38 cents at $82.08. The contract added $1.90 overnight.
Tuesday in the U.S., stocks added to their recent winning streak as the Fed’s statement encouraged investors.
The Dow rose 43.83, or 0.4 percent, to 10,685.98. It’s up 1.3 percent in the past six days and stands at its highest level since Jan. 19.
The Standard & Poor’s 500 index rose 8.95, or 0.8 percent, to 1,159.46, its highest close since October 2008.
Business
<img src=" http://www.joplinglobeonline.com/images/zope/wednesday.gif" border=0> Asia stocks up as Fed, Greece news buoy confidence
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