Stocks rise in Tokyo, Sydney as other Asian markets closed for holiday

ASSOCIATED PRESS BANGKOK — Shares were higher in Asia on Monday, but most markets were closed for the Lunar New Year holiday, with markets in Shanghai shut for the

whole week. Tokyo’s Nikkei 225 index added 1.1% and the S&P/ASX 200 in Sydney edged 0.2% higher. The gains followed a rally Friday for tech stocks that

countered worries about the weakening U.S. economy. In other trading, U.S. benchmark crude oil lost 35 cents to $81.29 per barrel in electronic trading on the New York

Mercantile Exchange. It gained $1.03 to $81.64 per barrel on Friday. Brent crude the price benchmark for international trading, gave up 40 cents to $87.23 per

barrel. The U.S. dollar slipped to 129.14 Japanese yen from 129.59 yen. The euro rose to $1.0905 from $1.0868. On Friday, the S&P 500 rose 1.9% to

3,972.61. The Dow Jones Industrial Average gained 1% to 33,375.49. The Nasdaq added 2.7% to close at 11,140.43. Despite the gains, the benchmark index still ended

with its first weekly loss in the last three. The major indexes started the week in the red largely because of worries that the economy may not be able to avoid a scarring

recession. Several reports on the economy have come in weaker than expected, as the full weight of the Federal Reserve’s hikes to interest rates last year start to make their way

through the system. On Friday, Fed Gov. Christopher Waller said he favors just a quarter-point hike on Feb. 1, when the central bank gives its next interest rate policy

update. Waller also said that rates are already high enough to be slowing the economy. The remarks could have helped calm rising-rate worries in the market.