Investing.com - Asian shares were mixed on Wednesday in light regional trade.
The Nikkei 225 rose 0.28%, while the S&P/ASX 200 fell 0.79%. Makets in China, South Korea and Japan were shut for holidays.
Overnight, the rally in US stocks continued for a second-straight after data showed major automakers beat U.S. new vehicle sales in September.
The Dow Jones Industrial Average closed higher at 22641.67. The S&P 500 closed 0.22% higher while the Nasdaq Composite closed at 6531.71, up 0.23%.
In what a quiet day on the economic calendar, investor sentiment on equities remained upbeat as recent economic data pointed to the underlying strength of the U.S. economy while a rally in shares of major automakers lifted the broader market.
Shares of Ford, General Motors (NYSE:NYSE:GM) and Fiat Chrysler closed higher as the trio topped expectations for new vehicles sales in September.
“Data have been pretty strong over the past few days, and that’s giving a boost to markets around the globe. Valuations are elevated, but you can justify them,” said David Joy, chief market strategist at Ameriprise Financial (NYSE:NYSE:AMP)”.
Shares of Tesla Inc (NASDAQ:NASDAQ:TSLA) also rallied 2% after Tesla said it delivered 26,150 vehicles in the third quarter, up 4.5% from the same time last year.
Investors shrugged off comments from Tesla detractors who suggested that upside in the stock is limited by Tesla’s inability to ramp up Model 3 production. Tesla only produced 220 Model 3 cars against expectations of 1,500 cars in the third quarter.
“Continued challenges in executing on the Model 3 ramp would be disastrous for the company given the competition that is expected for 2019 and beyond,” Jeffrey Osborne, an analyst at Cowen & Co., wrote in a report.