Asian-Pacific markets opened higher Tuesday, as investors took heart from strong consumer spending in the U.S. and a merger of two major banks in debt-stricken Greece.
Japan's Nikkei 225 index rose 1.2 percent to 8,956.83. Australia's S&P ASX 200 rose 16.9 points to 4,280.2. South Korea's Kospi index was 0.5 percent higher at 1,839.02.
Japan's Nikkei 225 index rose 1.2 percent to 8,956.83. Australia's S&P ASX 200 rose 16.9 points to 4,280.2. South Korea's Kospi index was 0.5 percent higher at 1,839.02.
In the U.S. Monday, stocks rose broadly after it became clear that Tropical Storm Irene had caused far less damage than many had feared. Insurance stocks rose sharply as analysts lowered their estimates of how much damage the storm would cause.
The Dow Jones industrial average rose 2.3 percent to close at 11,539.25. The Standard & Poor's 500 index rose 2.8 percent to 1,210.08. The widely used market benchmark is now up 8.1 percent since Aug. 8, when it hit low for the year because of a downgrade of the U.S. government's credit rating.
The technology-focused Nasdaq composite index rose 3.3 percent to 2,562.11.
An increase in consumer spending helped push stocks higher. The government reported that spending rose 0.8 percent in July. It was a sharp turnaround from June, when Americans cut spending 0.1 percent, the first decline in 20 months.
Another piece of good news: Greece's second- and third-largest lenders agreed to combine, creating the country's largest bank. Greece's government and central bank have been urging banks to merge, saying it would help them survive.
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