Asian stocks higher after Fed accelerates stimulus pullback

By ELAINE KURTENBACH
AP Business Writer

Stocks have climbed in Asia, tracking Wall Street’s gains, after the Federal Reserve said it would accelerate its pullback of economic stimulus. The Fed said it would likely raise interest rates three times next year to tackle rising inflation and will shrink its monthly bond purchases at twice the pace it previously announced, in line with ending them altogether in March. Shares rose 1.8% in Tokyo and most other markets were higher, though Hong Kong declined. The S&P 500 shook off an early loss, gaining 1.6% to just below the record high it set Friday. The Dow Jones Industrial Average rose 1.1% and the Nasdaq gained 2.2%.