Stock market today: Asian shares trade higher after Wall St rally takes S&P 500 near record

Stocks in Asia are trading higher after a rally on Wall Street that pulled the S&P 500 back within 1% of its record. Investors were focused on the release of China’s April inflation figures. In Japan, the Finance Ministry reported a record current account surplus for the fiscal year through March, as strong auto exports whittled down its trade deficit and the nation racked up solid returns on overseas investments. However, weak consumer spending undermined that positive data. On Thursday, the Dow Jones Industrial Average gained 0.8% to 39,387.76 and the Nasdaq composite added 0.3% to 16,346.26.