Asia Stocks Cool Off Following Gains Last Week

By: The Associated Press
By: The Associated Press

Asian stocks cooled off today as some investors sold shares to lock in profits following recent rallies.

Stocks in Hong Kong, Australian and elsewhere surged last week after U.S. lawmakers passed a bill to avoid a combination of government spending cuts and tax increases that have come to be known as the "fiscal cliff." Japan's Nikkei 225 got an additional boost from the yen's steady retreat against the dollar.

Benchmark crude oil fell below $93 per barrel. The dollar gained against the euro but fell against the yen.


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