Global stocks higher with China, Korea closed for holiday

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Global stocks are higher following a big Wall Street gain at the start of a week when China, South Korea and Southeast Asian markets will close for the Lunar New Year holiday. London and Frankfurt opened higher. Tokyo and Hong Kong advanced while Sydney declined. Markets in China, South Korea and Taiwan were closed. Hong Kong and Southeast Asia were due to close later in the week. Wall Street’s benchmark S&P 500 index rose 2.4%. Investors have been rattled by the Federal Reserve’s decision to try to cool inflation by accelerating plans to raise interest rates and wind down bond purchases and other stimulus that is boosting stock prices.