Asian markets higher on signs U.S. economy improving

SINGAPORE -- Asian stocks gained Wednesday on renewed investor confidence in the U.S. economy while concerns about Greece's debt crisis eased.

All major Asian equity markets rose in early trading, bolstered by a 1.7 percent jump in the Dow Jones industrial average Tuesday. Markets in China and Taiwan were closed for the Lunar New Year holiday.

Investors were cheered by signs the U.S. economy may be improving. On Tuesday. Kraft Foods Inc. and apparel retailer Abercrombie & Fitch reported earnings that beat expectations, while drugmaker Merck & Co. said profits jumped. UK banking giant Barclays also reported soaring profits.

Traders will be eyeing reports on housing starts, jobless claims and inflation later this week for evidence the U.S. economy is rebounding strongly from last year's recession.

Markets also got a boost from news European officials are working with Greece to control its debt crisis. European Union leaders on Tuesday gave Greece one month to prove it can cut its fiscal deficit.

Concerns about rising debt burdens in Greece, Portugal and Spain have undermined investor confidence during the last few weeks.

Japan's Nikkei 225 stock average was up 210.37 points, or 2.1 percent, at 10,244.62 and Hong Kong's Hang Seng index rose 335.62, or 1.7 percent, to 20,604.31.

South Korea's Kospi gained 21.63, or 1.4 percent, to 1,622.68 while Singapore added 1 percent. Australia's benchmark advanced 2.1 percent.

In the U.S. on Tuesday, the Dow rose 169.67, or 1.7 percent, to 10,268.81. The Standard & Poor's 500 index rose 19.36, or 1.8 percent, to 1,094.87, while the Nasdaq composite index rose 30.66, or 1.4 percent, to 2,214.19.

Oil prices hovered above $77 a barrel in Asia after surging the previous day amid expectations a growing U.S. economy will fuel increased crude demand.

Benchmark crude for March delivery was up 12 cents at $77.13 in electronic trading on the New York Mercantile Exchange. The contract rose $2.88 to settle at $77.01 on Tuesday.

In currencies, the dollar rose to 90.29 yen from 90.14 yen. The euro was steady at $1.3667.