Asian Shares Climb On China Data, Wall Street Rally

BANGKOK (AP) – Shares have advanced in Asia after China’s economic growth data, while bleak, was better than expected. The strong open Friday followed an overnight rally on Wall Street powered by buying of Amazon, health care stocks and other market niches that are thriving in the coronavirus crunch. China reported its economy contracted 6.8% in January-March as the country battled the coronavirus. But that was not as bad as the double-digit declines some analysts had reckoned on. The S&P 500 rose 0.6% after a government report showed that 5.2 million Americans filed for unemployment benefits last week as layoffs continue to sweep the nation. Markets were expecting even worse, which helped to limit the losses.