Asian stocks rose Friday after U.S. shares hit a record on a bipartisan $579 billion U.S. infrastructure deal that stoked economic optimism.
The dollar retreated. Equities gained in Japan, China and Hong Kong. Australian shares weathered the imposition of virus lockdowns in parts of Sydney. S&P 500 and Nasdaq 100 contracts inched up after both indexes reached new peaks.
Sectors seen as beneficiaries of the recovery from the pandemic, such as energy, led gains in U.S. hours, and banks rose in postmarket trading after clearing stress tests.
The benchmark 10-year U.S. Treasury yield hovered around 1.50%. Investors took the latest comments from Federal Reserve officials in their stride, after the central bank reassured on supportive policy while signaling that the process of removing exceptional stimulus will be gradual.
The Mexican peso rallied, spurred by an unexpected central bank interest-rate increase. But the Bank of England pushed back against speculation that a surge in U.K. inflation heralds higher borrowing costs.
The pound held a dip. West Texas Intermediate crude oil stayed above $73 a barrel. Traders are awaiting upcoming deliberations among OPEC+ producers that may lead to a supply hike. Bitcoin steadied from a swoon earlier in the week.
