SYDNEY, NSW, Australia - Stocks in Japan took off on Thursday with solid gains also being recorded in Hong Kong and Sydney.
Shares in China however bucked the trend.
"Overall, I think markets are still skewed to taking on risk, and I don't think we've seen the final record high by any means in the U.S. stock market or in global equities," Kyle Rodda, a market analyst at IG in Melbourne told Reuters Thomson Thursday.
"At the end of the day, (the selloff earlier this week) was just markets whipping around as the froth has blown off risk assets."
The biggest gainer was Tokyo's Nikkei 225 which surged 679.62 points or 2.38 percent to 29,188.17.
In Australia, the All Ordinaries gained 53.10 points or 0.73 percent to 7,312.00.
China's Shanghai Composite, going against the trend, fell 7.82 points or 0.23 percent to 3,465.11.
The Hang Seng in Hong Kong advanced 133.42 points or 0.47 percent to 28,755.34.
The U.S. dollar drifted lower during Asian trading Thursday. The euro firmed to 1.2042. The Japanese yen jumped to 107.94. The Swiss franc was slightly stronger at 0.9148.
The Canadian dollar inched up to 1.2475. The Australian and New Zealand dollars eased marginally, to 0.7756 and 0.7196 respectively.
Overnight on Wall Street, the Nasdaq Composite gained 163.95 points or 1.19 percent to 13,950.22.
The Dow Jones index advanced 316.01 points or 0.93 percent to 34,137.31.
The Standard and Poor's 500 added 38.48 points or 0.93 percent to 4,173.42.