Asian Stocks hold near 14-month Peak on Fed Relief

Asian shares edged closer to 14-month highs on Friday while the dollar was on the defensive as investors grew more convinced that the Federal Reserve is settling into a phase of very gradual interest rate hikes. 

 

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MSCI's broadest index of Asia-Pacific shares outside Japan was steady and within sight of its highest levels since July 2015 that it hit in early September. Japan's Nikkei dipped 0.2 percent, reflecting the yen's gains during Japan's market holiday on Thursday. 

 

On Wall Street, S&P 500 Index gained 0.65 percent, led by 1.9-percent gain for the real estate sector. The S&P 500 capped its best two-day performance in more than two months, while the Nasdaq closed at a record high. The rallies began after the Fed on Wednesday maintained the low-interest rate environment that has helped underpin the bull market for stocks since the global financial crisis in 2008.