Asian stocks end mostly higher Monday, tracking late-day gains on Wall Street Friday on a report that a rescue package for struggling bond insurer Ambac Financial could be announced this week.
The Dow Jones Industrial Average reversed early losses to close up about 97 points after cable news channel CNBC reported that a bailout for Ambac could come Monday or Tuesday.
'It always helps to see the US market go up,' said Andrew Sekely, head of Australian equities at Intersuisse.
Financial stocks rose across the region and pulled benchmarks higher. The Nikkei led the advance, closing up 3.1 percent at 13,914.57. The Topix rose 2.6 percent to 1,355.54.
'Although [the Ambac bailout] will not resolve the whole problem of monoline bond insurers, it will at least ease some concerns, as one negative factor may disappear,' said Soichiro Monji, chief strategist at Daiwa SB Investments.
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