Asian stocks mostly higher after rise on Wall Street

Yuri Kageyama, The Associated Press</span>
Published Friday, September 1, 2017 5:38AM EDT

TOKYO -- Asian shares were mostly higher Friday, taking their cue from optimism on Wall Street set off by a report showing spending by U.S. consumers growing in July, along with wages and salaries.

KEEPING SCORE: Japan's benchmark Nikkei 225 edged up 0.2 per cent to finish at 19,691.47, while Australia's S&P/ASX 200 added nearly 0.2 per cent to 5,724.60. South Korea's Kospi lost 0.2 per cent at 2,358.82. Hong Kong's Hang Seng was little changed at 27,975.01. The Shanghai Composite rose 0.1 per cent to 3,364.37. Most Southeast Asian markets were closed for a holiday.

UPBEAT U.S.: The U.S. Commerce Department said consumer spending grew at its fastest pace in three months. Companies that sell everything from cosmetics to toys to shoes advanced as investors bet Americans would shop more. Biotech drug companies, drug distributors, and scientific equipment companies made some of the biggest gains in health care. Technology companies advanced for the fourth day in a row and closed at record highs.

WALL STREET: The Standard & Poor's 500 index climbed 14.06 points, or 0.6 per cent, to 2,471.65, its highest close in three weeks. The Dow Jones industrial average added 55.67 points, or 0.3 per cent, to 21,948.10. The Nasdaq composite gained 60.35 points, or 1 per cent, to 6,428.66, above the record high it set in late July.

ENERGY: Benchmark U.S. crude slipped 31 cents to $46.92 a barrel. It jumped $1.27 to $47.23 a barrel in New York Thursday, recouping recent losses over Tropical Storm Harvey as the rains hitting the Gulf Coast began to abate. Brent crude, used to price international oils, fell 22 cents to $52.64 a barrel in London.

CURRENCIES: The dollar dipped to 110.13 yen from Thursday's 110.53 yen. The euro rose to $1.1897 from $1.1876.

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