Asia's benchmark stock index rose as equities rose in Japan and South Korea, while several other regional markets remained closed for holidays. Sentiment improved after U.S. stocks extended this year's rally on Tuesday.
Japan's Nikkei 25 rose for a second day, with retail stocks rising after a travel deal was agreed with China. Australia and Hong Kong remained closed for the Christmas holiday. U.S. equities were boosted Tuesday by a rally in technology shares, with the S&P 500 up more than 1% amid thin trading.
Equity investors are pinning their hopes on what is known as the "Santa Claus Rally," in which stocks rise during the last five trading sessions of the year and the first two sessions of the new year. This time, that period began on Tuesday. "The Santa Claus rally may still be going on, with a strong season through the end of the year," said London Stockton, an analyst at Ned Davis Research.
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