SYDNEY, NSW, Australia - Stocks in Asia were mixed on Tuesday, with Japanese and Australian stocks rising in response to the continued rallying on Wall Street, while Chinese stocks fell due to concerns about the property marketing, and real estate giant China Evergrande.
Overnight the Dow Jones index and the Standard and Poor's 500 both closed at new all-time highs on strong earnings reports.
"Of the S&P 500 firms that have reported this season, the net surprise on earnings has been 13%. So it is easy to understand the optimism percolating through risk appetite despite inflation fears," Reuters reported ANZ Research as saying in a note on Tuesday.
"The economy remains very strong. We expect the recovery will re-accelerate once bottlenecks and COVID concerns subside," ANZ analysts said in the note.
The Nikkei 225 in Japan rallied 505.60 points or 1.77 percent to close Tuesday at 29,106.01.
The Australian All Ordinaries edged up 5.00 points or 0.06 percent to 7,759.30.
The Shanghai Composite in mainland China dropped 12.22 points or 0.34 percent to close at 3,597.64.
The Hang Seng in Hong Kong declined 93.76 points or 0.36 percent to 26,038.27.
The U.S. dollar was slightly stronger against all but the Australian and New Zealand dollars. The euro slipped to 1.1601 around the Sydney close Tuesday. The British pound dipped to 1.3758. The Japanese yen inched down to 113.96. The Swiss franc eased to 0.9208.
The Canadian dollar was slightly easier at 1.2380. The Australian and New Zealand dollars were a fraction higher at 0.7507 and 0.7170 respectively.
Overnight on Wall Street, technology shares did best with the Nasdaq Composite climbing 136.51 points or 0.90 percent to 15,226.71, fueled by demand for Tesla, and also by Pay Pal shares.
The Dow Jones extended by 64.13 points or 0.18 percent to 35,741.15, a new all-time high.
The Standard and Poor's 500 jumped 21.58 points or 0.47 percent to a record closing high of 4,566.48.