BEIJING (AP) – Asian stock prices followed the Wall Street high on Wednesday, after a recovery by major technology companies.
Shanghai, Tokyo, Seoul and Hong Kong moved forward. Sydney refused.
The Wall Street S&P 500 benchmark index closed up 1.4%, led by gains from Apple, Amazon and other major technology companies. The Nasdaq composite index, dominated by technology stocks, rose 3.7% to its biggest gain in four months.
The markets are adjusting to an increase in long-term interest rates in the bond market, which has taken money out of the shares. A reversal in bond market trends, at least temporarily, has sent investors back to the companies they hope will thrive after the coronavirus pandemic ends.
The fluctuation shows “how fragile sentiment has been driven by absolute uncertainty” about the outlook for interest rates and inflation, Axi’s Stephen Innes said in a report.
The Shanghai Composite Index rose 0.7% to 3,383.09 and the Nikkei 225 in Tokyo gained less than 0.1% to 29,040.82. Hang Seng in Hong Kong added 0.6% to 28,954.48.
The Kospi in Seoul advanced 0.3% to 2,985.57 while the S & P-ASX 200 in Sydney fell 0.3% to 6,753.50. New Zealand rose while Singapore retreated.
On Wall Street, the S&P 500 rose on Tuesday to 3,875.44. Communication companies and those that depend on consumer spending contributed to the increase. Financial, energy and industrial stocks lagged behind the broader market.

Apple rose 4.1%, chip maker Nvidia rose 8% and Tesla rose 19.6% for the biggest gain on the S&P 500.
The Dow Jones Industrial Average, which is less weighted in technology, rose 0.1% to 31,832.74.
The Nasdaq advanced to 13,073.82. Despite this, the index is 7.2% below its February 12 high. On Monday, it closed 10% below its peak in what is known as a Wall Street correction.
Some of the major technology stocks that spurred the market’s recovery last year after the coronavirus outbreak affected the global economy have been losing gains since the Nasdaq peak on February 12.
Apple fell 14% by the end of last week.
Financial sector stocks, which benefited from the increase in bond yields, fell the most on Tuesday. Bank of America fell 2.2%, while American Express fell 3.4%. Banks and credit card issuers tend to do well when interest rates are rising, because they can charge higher fees.
Bond yields, or the difference between the market price of a bond and the payment on maturity, have increased due to rising expectations for growth and the inflation that will follow. Inflation erodes the value of future bond payments, encouraging investors to switch to stocks.
The fall in bond prices attracted investors who did not want to pay high prices for shares, especially technology shares that seemed more expensive.
Investors bet $ 1.9 trillion on next government stimulus approved by the US Senate on Saturday, will help lift the US economy out of its coronavirus-induced malaise. It provides direct payments of up to $ 1,400 for most Americans and extends emergency unemployment benefits that help sustain consumer spending, the economy’s primary driver.
In the energy markets, US reference oil lost 27 cents to $ 63.74 a barrel in e-commerce on the New York Mercantile Exchange. The contract sank $ 1.04 on Tuesday to $ 64.01. Brent oil, used to price international oils, fell 38 cents to $ 67.14 a barrel in London. He dropped 72 cents in the previous session to $ 67.52.
The dollar rose to 108.82 yen from Tuesday’s 108.47 yen. The euro fell to $ 1.1882 from $ 1.1901.