Shares were mixed in Asia on Tuesday, after buying of technology stocks nudged the S&P 500 closer to the record high it set in February before the pandemic crunched the global economy.
Markets were buoyed by developments in Washington, as Speaker Nancy Pelosi called the House back into session, cutting short the lawmakers' summer recess for a vote expected Saturday on legislation to prohibit changes in the U.S. Postal Service amid growing concerns that the Trump administration is trying to undermine the agency ahead of the November election.The proposed package will also include US$25 billion to shore up the Postal Service, which is suffering losses.
South Korea's Kospi led regional losses, slumping 2.5% to 2,348.24 amid worries over surging coronavirus cases. There's concern that the virus's spread could worsen after thousand of protesters, including members of the church and its ultra-right pastor, Jun Kwang-hun, marched in downtown Seoul Saturday despite official pleas to stay home.
Still, on Monday the S&P 500 picked up 9.14 points, or 0.3%, to 3,381.99. Earlier in the day, it briefly crossed above its record closing level of 3,386.15, which was set on Feb. 19 before the pandemic shut down businesses worldwide and created the worst recession in decades. But losses for financial and energy stocks helped restrain the market's gains. These areas tend to rise and fall with expectations for the economy.
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