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Asia stocks rise after Wall Street hits record

Pamela Sampson, AP Business Writer

A man walks by the electronic stock board of a securities firm in Tokyo, Tuesday, May 7, 2013. Japan’s benchmark stock index, reopening after a long weekend holiday, surged Tuesday in the wake of a U.S. jobs report issued late last week that handily beat expectations. (AP Photo/Itsuo Inouye)

BANGKOK (AP) -- Asian stock markets were powered higher Wednesday by an improvement in China's trade and yet another record-busting session on Wall Street.

The Dow Jones industrial average closed above 15,000 for the first time ever Tuesday, driven by optimism that the U.S. economy will keep gaining momentum.

There was also good news from China, where the government reported that growth in imports and exports accelerated in April, suggesting that the world's No. 2 economy might be strengthening after an unexpected decline in the first quarter of 2013.

But some analysts refrained from drawing too many conclusions from just one set of monthly data.

"We still cannot conclude that China's economy is doing good," said Linus Yip, strategist for First Shanghai Securities in Hong Kong. "I think at this moment, it is encouraging and it helps market sentiment."

Japan's Nikkei 225 index rose 0.9 percent to 14,304.15. Australia's S&P/ASX 200 gained 1 percent to 5,195.20. South Korea's Kospi advanced marginally to 1,955.47. Benchmarks in Singapore, Taiwan, mainland China, Indonesia, Thailand, and the Philippines rose.

Hong Kong's Hang Seng added 0.6 percent to 23,186.94, driven by a 1.5 percent rise in locally listed shares of HSBC Holdings. The London-headquartered bank, Europe's largest by market value, on Tuesday reported a doubling in profits for the first quarter of the year.

Among individual stocks, Japanese mobile phone carrier Softbank Corp. jumped 3.1 percent after reports said it will launch a smartphone-based health service in the coming months, Kyodo News reported. Australian resource-related shares rose. OZ minerals surged 6 percent. BHP Billiton, the world's largest mining company, rose 2.1 percent.

Analysts at DBS Bank Ltd. in Singapore said in a commentary that investors view the U.S. economy as one that is "growing, more or less, and that's a heck of a lot better than what's going on in Europe," which is mired in recession.

The Dow Jones industrial average rose 0.6 percent to a record close of 15,056.20 on Tuesday. The Standard & Poor's 500 index rose 0.5 percent to 1,625.96. The Nasdaq composite index rose 0.1 percent, to 3,396.63.

Benchmark oil for June delivery was up 16 cents to $95.78 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to finish at $95.62 per barrel on the Nymex on Tuesday.

In currencies, the euro rose to $1.3092 from $1.3084 late Tuesday in New York. The dollar fell to 98.99 yen from 99.40 yen.


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