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Asian markets up as fears of a global recession recede
BANGKOK (AP) ' Asian markets rose in early trading Thursday as fears of a possible global recession faded.
Japan's Nikkei 225 index rose 0.6 percent to 8,819.91, while Australia's S&P ASX 200 was 0.2 percent higher at 4,189.60. South Korea's Kospi was 0.4 percent higher at 1,840.01.
Wall Street stocks rose sharply Wednesday after a German court backed the country's role in bailing out smaller, debt-wracked European nations and Italy approved a controversial austerity package to stave off a budget and loan crisis of its own.
Traders are also hoping that President Barack Obama will announce a $300 billion jobs package made up of tax cuts, state aid and infrastructure spending in an address to Congress on Thursday night.
Worries over weakness in the U.S. job market and Europe's massive debt predicament have led to recent heavy losses on global stock markets.
But investment sentiment improved after a Federal Reserve survey Wednesday showed that the U.S. economy grew modestly in its 12 bank regions in July and August as consumers spent more.
The Dow surged 2.5 percent to close at 11,414.86. The Standard and Poor's 500 index jumped 2.9 percent to 1,198.62. The Nasdaq composite shot up 3 percent to 2,548.94.