Asian shares advance following upbeat US jobs report

Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data.

Tokyo's Nikkei 225 index picked up 0.3% to 22,211.89, while the Shanghai Composite index jumped 1% to 3,121.74. In South Korea, the Kospi gained 0.4% to 2,142.74, and Australia's S&P/ASX 200 rose 0.1% to 6,037.60. India's Sensex added 0.5% to 36,009,96. Shares also rose in Taiwan and Southeast Asia.

Investors appeared to shrug off news of rising numbers of coronavirus patients in South Korea and Japan, where Tokyo reported 124 newly confirmed cases.

The jobs data and improved global indicators are boosting sentiment, along with positive reports on potential vaccines and treatments for the coronavirus that has infected more than 10.8 million people and killed over 520,000, according to data from Johns Hopkins University that experts say understates the tally due to issues with testing and asymptomatic cases.

Such news brought a “favorable turn in the risk merry go round this week as this positive news is currently tempering the seemingly endless negative views around the rapidly-rising new daily virus cases in the U.S.," Stephen Innes of AxiCorp said in a commentary.

Overnight, the S&P 500 rose 0.5%, its fourth-straight gain, ending the holiday-shortened week with a gain of 4%. U.S. markets are closed Friday in observance of Independence Day.

The Nasdaq composite climbed to another all-time high, aided by more gains in technology companies. Energy companies notched some of the biggest gains as oil prices strengthened on hopes that a recovering economy will mean more demand.

However, news that Florida had another sharp increase in confirmed cases helped cut the S&P 500′s early gains by more than half. The bond market also signaled caution, as yields moved...