Stocks rise after US growth news

Stocks rise after US growth news

Asian stock markets rose after a burst of manufacturing growth in the US pushed the Dow Jones industrial average to its highest close in more than four years.

Japan’s Nikkei 225 rose 0.7% to 9,414.36 after a sharp tumble the day before. Other Asian markets opened higher following public holidays. Hong Kong’s Hang Seng gained 1.2% to 21,255.56. Benchmarks in Taiwan and mainland China posted strong gains.

Australia’s S&P/ASX 200 edged up 0.2% to 4,437.90. Singapore, Indonesia and Thailand also rose.

Data showing moderate manufacturing growth in the world’s two largest economies was the driver of sentiment, analysts said.

US manufacturing expanded last month at its strongest pace since June, the Institute for Supply Management said. Orders, hiring and production all rose, while a measure of manufacturing employment reached a nine-month high.

That news came on top of a similar report out of China, the world’s second ranked economy.

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