Asian stocks rise after Fed chair supports smaller rate hike

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets have rebounded and oil prices climbed after the head of the Federal Reserve said he supports a smaller rise in interest rates than some expected. Shanghai, Tokyo, Hong Kong and Sydney advanced even as Russian forces whose attack on Ukraine has roiled financial markets bombarded the country’s second-largest city and besieged two ports. Wall Street’s benchmark S&P 500 index rose after Fed Chair Jerome Powell said he supports a traditional increase of 0.25 percentage points instead of the bigger rise recommended by some policymakers. Powell said the impact on the U.S. economy of Russia’s attack is “highly uncertain.”