Asian stocks mixed after Wall Street rises for 5th day

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are higher after Wall Street rose for a fifth day on strong corporate earnings. Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street’s benchmark S&P 500 index rose 0.7%, propelled by health care and tech stocks. Johnson & Johnson, the biggest health products maker, reported strong quarterly profit and raised its earnings forecast. Investors are watching for inflation updates from Britain and some other European governments. Investors worry disruptions to supply lines and shipping due to the pandemic may depress corporate profits or push up inflation and force central banks to act sooner than planned on hiking interest rates, rolling back other economic stimulus. Surging energy prices are rising concerns about a supply crunch.