Asian stock markets rose on Monday after a positive lead from the U.S. last week with the Dow and S&P 500 closing at all-time highs and the the Nasdaq at its highest level in more than 13 years.
Hong Kong''s Hang Seng Index rose 0.19%, while Australia’s ASX/200 Index rose by 0.06%. Japan’s Nikkei 225 was closed because of a holiday.
A surprisingly strong U.S. economic growth report sent U.S. stocks rising on Friday by fanning expectations for U.S. recovery to gain steam and allow for more solid corporate fundamentals in the future.
At the close of U.S. trading, the Dow Jones Industrial Average rose 0.26%, the S&P 500 index rose 0.48%, while the Nasdaq Composite index rose 1.15%.
The Commerce Department reported earlier that the U.S. gross domestic product expanded by 4.1% in the third quarter, well above consensus forecasts for 3.6% growth.
The report sent stocks rising by fanning hopes that corporate fundamentals will improve with the economy and grow without the support of the Federal Reserve''s monthly USD85 billion bond-buying program.
Trading volume was heavy, as stock index futures, stock index options, stock options and single stock futures expired, which happens on the third Friday of March, June, September and December.
Leading Dow Jones Industrial Average performers included Caterpillar, up 1.59%, Microsoft, up 1.50%, and UnitedHealth, up 1.46%.
The Dow Jones Industrial Average''s worst performers included Nike, down 1.27%, Pfizer, down 1.24%, and Walt Disney, down 0.64%.
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