Wall Street climbs as tech rallies for a second day

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Tesla's recent stock rally has been driven by its blockbuster quarterly results, as well as on bets it would be added to the S&P 500, which would trigger massive demand for its shares from index funds that track the benchmark.

President Trump's comment about "decoupling" the US economy from China has ramped up uncertainty in the markets, especially among tech stocks.

Wednesday's market movement followed a three-day tech-led heavy selling on Wall Street that pushed the Nasdaq down over 10 per cent and into the correction territory.

In a surprise announcement, the S&P Dow Jones Indices made a decision to add online craft seller Etsy Inc ETSY.O , semiconductor equipment maker Teradyne Inc TER.O and pharmaceutical technology company Catalent Inc CTLT.N to the S&P 500 instead. The Nikkei 225 in Tokyo added 0.9% to 23,235.47 while the Hang Seng in Hong Kong gave up 0.2% to 24,428.23.

New Zealand advanced while Singapore and Jakarta declined.

The Dow closed 439.58 points higher on Wednesday, a marked turnaround from the beating taken by major indices in the previous session as stocks put on their worst performance since March.

Forecasters warn the stock price recovery might be too big and too early to be supported by uncertain economic activity as coronavirus infection numbers rise in the United States, Brazil and some other countries.

The S&P 500 is up 168.18 points, or 5.2%.

Assange is back to the dock, extradition trial resumed
The British police said he was arrested for skipping his bail in 2012 and on behalf of the U.S. due to an extradition warrant. On Monday, he was arrested in the cells at the Old Bailey over a new U.S. indictment , containing 18 charges, lodged in June.

In late afternoon trading, the Dow Jones Industrial Average was up 631.27 points, or 2.3%, at 28,132.16, the S&P 500 gained 82.5 points, or 2.48%, to 3,414.34 and the Nasdaq Composite added 313.46 points, or 2.89%, to 11,161.15. The Nasdaq composite, which is packed with tech stocks, dropped 4.1% and is down 10% since it set its last record high on September 2.

A Senate vote this week on a trimmed-down relief package proposed by Republicans has only a slim chance of passage as Democrats insist on more sweeping aid.

In energy markets, benchmark USA crude lost 23 cents to $37.82 per barrel in electronic trading on the New York Mercantile Exchange.

Oil prices skidded 51 cents to $37.54 USA a barrel.

Amazon.com rose 1.3% and Tesla Inc jumped 6%, supporting the Nasdaq's advance.

"The dramatic fall in oil prices in the last day is being seen as a proxy for global growth expectations".

However, hopes for an improving economic outlook, following a Bloomberg News report that European Central Bank economic projections would be broadly steady since June, had the euro on the front foot in Asia at US$1.1817.

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