Asian stocks follow Wall Street higher after Fed rate hike

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock prices have surged for a second day after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries. Hong Kong’s benchmark jumped almost 6% and Tokyo gained 3%. Shanghai, Seoul and Sydney advanced more than 1%. Oil prices gained more than $1 per barrel but stayed below $100. Wall Street’s benchmark S&P 500 index rose 2.2% after the Fed raised its short term lending rate by 0.25 percentage points. The move was widely expected but investors were reassured it was smaller than the 0.5 percentage point hike advocated by some officials.