By ELAINE KURTENBACH
AP Business Writer
BANGKOK (AP) — Stocks have advanced in Asia after another broad rally on Wall Street as investors wagered that the new variant of the COVID-19 virus won’t pose a big threat to the economy. Oil prices fell back. Shares rose in Tokyo, Shanghai and Seoul, while Hong Kong was little changed. Japan downgraded its growth estimate for the last quarter to minus 3.6% from an earlier reported contraction of 3.0%. On Tuesday, the S&P 500 rose 2.1% for its biggest gain since March. Some 86% of stocks within the benchmark index made gains. The Dow Jones Industrial Average rose 1.4% and the tech-heavy Nasdaq rose 3%. Smaller company stocks outpaced the broader market.