BEIJING – Asian stocks were mixed Friday after Wall Street gained for the first time in three days on stronger oil prices despite enduring uncertainty about how long the global economic decline due to the coronavirus pandemic will last.
Tokyo and Seoul rose while Shanghai, Hong Kong and Sydney retreated. Oil prices gave up some of the previous day's gains.
U.S. stocks jumped Thursday after the price of crude surged by 25% following President Donald Trump's comment on Twitter that he expects Russia and Saudi Arabia to back away from their price-cutting war.
The pushed the benchmark S&P 500 index up 2.3%.
“As volatility slowly adjusts lower, it looks as if the extreme panic sell-off appears to be easing off as well," said Stephen Innes of AxiCorp in a report.
U.S. stocks gained despite more data showing millions more Americans losing their jobs.
Markets usually welcome lower energy costs for companies and consumers. But the abrupt plunge to below $20 this week from $60 at the start of the year triggered fears heavily indebted producers might default, causing more damage to credit markets.
Trump said on Twitter he expects production cuts are coming after talking with Saudi Crown Prince Mohammed bin Salman.