Stock market today: Asian shares zoom higher, with Nikkei over 42,000 after Wall St sets new records

Asian shares have carried on with the blistering rally on Wall Street, as Japan's Nikkei 225 index surged over 42,000 for the first time. On Wednesday, the U.S. stock market vaulted to more all-time highs. The S&P 500 jumped 1% and topped the 5,600 level for the first time. The Nasdaq composite added 1.2% to its all-time high set a day before. The Dow Jones Industrial Average swung 429 points higher. Big technology companies led the way again after a major chip supplier reported its revenue surged in June. A frenzy around AI has been a major reason the U.S. stock market has climbed to records this year, as have hopes for coming cuts to interest rates.