The Kospi has been breaching records, recently exceeding 8,000 for the first time.

Taiwan’s Taiex, also heavily weighted toward technology shares, gained 3.9% as major chipmaker TSMC’s stock gained 3%.

Chinese markets were virtually unchanged, with Hong Kong’s Hang Seng flat at 25,648.28, while the Shanghai Composite index also was nearly flat at 4,162.37.

Australia’s S&P/ASX 200 picked up 1.6% to 8,628.80.

Oil prices were higher early Thursday, a day after Brent crude dropped 5%. Brent, the international standard, gained 95 cents to $105.87 per barrel, while U.S. benchmark crude added 92 cents to $99.18 per barrel.

Brent remains well above its roughly $70 level from before the war with Iran. Prices have been yo-yoing on rising and falling hopes that the United States and Iran can reach an agreement to allow oil deliveries to fully resume from the Persian Gulf to customers worldwide.

Stocks got a lift from easing yields in the bond market, as the yield on the 10-year Treasury fell to 4.57% from 4.67% late Tuesday. That’s a significant move for a market that measures things in hundredths of a percentage point.

The 10-year Treasury yield had been rising from less than 4% before the war with Iran began, along with other government bond yields around the world, because of worries that the fighting will keep oil prices high, among other factors. Inflation concerns reduce the chances the Federal Reserve will cut rates this year and raise risks that that world central banks may have to raise rates in 2026.

With the easing of yields, technology stocks helped lead Wall Street higher.

Tech stocks leading the market included Advanced Micro Devices, up 8.1%, and Intel, up 7.4%.

Smaller companies can feel even bigger relief from lower yields than their bigger rivals because many need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks jumped 2.6%, more than double the gain of the S&P 500, which measures the biggest U.S. stocks.

In other dealings early Thursday, the U.S. dollar rose to 158.98 Janese yen from 158.92 yen. The euro was steady at $1.1624.

“This is necessary for all our people to get trained because we are in a war situation these days,” said Ali Mofidi, a 47-year-old Tehran resident at a weons training Tuesday night. “If necessary, everyone should be available and know how to use a gun.”

A boy handles a Kalashnikov-style assault rifle during a weons training class led by members of the Revolutionary Guard’s volunteer Basij force in Tehran, Iran, Tuesday, May 19, 2026. ( Photo/Vahid Salemi)

Iran has repeatedly sought to project strength during the war

For months, state television and government-sponsored text messages have bombarded the public with calls to join the “Janfada,” or the “ones who sacrifice their lives.” At one point, hard-liners encouraged families with boys as young as 12 to send them to the Revolutionary Guard to work checkpoints — which Amnesty International denounced as a war crime.

Government officials say more than 30 million people in Iran — home to a population of some 90 million — have volunteered via an online form or at public gatherings to lay down their lives for Iran’s theocracy. There is no way to confirm that figure and there’s been no sign of a mass mobilization yet, like the one that Ukraine underwent in the days before Russia’s full-scale 2022 invasion, in which officials handed out rifles and people banded together to make gasoline bombs.

But there have been several public announcements and presenters have peared armed during live programs on state TV, as part of efforts to feed the fervor.

“Looking back at the moment I registered my name, I realize I wasn’t truly contemplating the dangers of fighting on the front lines. In that moment, like everyone else, my thoughts were solely on Iran,” wrote journalist Soheila Zarfam in a column for the state-owned Tehran Times newsper. “My life might end, but Iran would endure, and that was all that truly mattered.”

Iranian Nobel Peace Prize laureate Shirin Ebadi has criticized the public weons demonstrations, particularly footage of young boys handling assault rifles, saying: “Scenes like these are reminiscent of child hostage-taking and arming by groups such as Boko Haram in Nigeria, and militias in Sudan and Congo.”

Bakhtiari nomads, wearing traditional dress, chant slogans as one of them holds a gun during a pro-government gathering on Monday, May 18, 2026, near the residence where former Iranian Supreme Leader Ayatollah Ali Khamenei was killed in U.S. and Israeli strikes in Tehran, Iran. ( Photo/Vahid Salemi)

Weons training, once unusual, becomes a norm

A recent government-organized demonstration by nomads in Iran saw them carrying everything from bolt-action Lee–Enfield rifles of the British Empire to a blunderbuss, a predecessor of the shotgun more familiar to the age of pirates on the high seas.

But during weeks of an unsteady ceasefire, most of the weon demonstrations pear focused on Tehran, not the rural areas where there is a tradition of keeping rifles and shotguns at home.

At a demonstration Tuesday night in Tehran, male and female participants divided into separate classes. Hadi Khoosheh, a member of the Revolutionary Guard’s all-volunteer Basij force and trainer, demonstrated how to handle a folding-stock Kalashnikov-style assault rifle.

“At the end of the training those who completed the course will receive a card titled ‘Janfada,’ proving they have received basic and preliminary training for this type of gun and they are able to use it if, God forbid, something hpens to our country,” Khoosheh said.

However, the weons training was rudimentary at best for the young boys and older men gathered. One struggled to insert the rifle’s magazine and inadvertently pointed the barrel of the unloaded weon at others — a major safety breach that people are taught to avoid in basic firearms training.

“Definitely we will stand against (the Americans) and won’t give up even an inch of our soil,” said Mofidi, the man at the training. “No matter if they come from the sea or land, we will stand by our flag.”

___

Associated Press writers Nasser Karimi and Mehdi Fattahi in Tehran, Iran, contributed to this report.

WASHINGTON () — Barney Frank, the longtime Democratic congressman and leading liberal who brought new visibility to gay rights and crafted the most significant reforms to the financial system in a generation, has died. He was 86.

Frank died late Tuesday, according to Jim Segel, Frank’s former campaign manager and close friend.

A self-described “left-handed gay Jew,” Frank was known for his acerbic wit, combative style and focus on marginalized communities. He represented the party’s left wing while keeping close with Democratic leaders who sometimes frustrated progressives.

But in an ril interview as he entered hospice, Frank said he hoped he would be remembered for advocating a brand of politics that embraced progressive ideals without forcing them on voters prematurely. It is an proach he feared was being rejected as Democrats prepare for what could be a rollicking primary as they hope to retake the White House in 2028 and move past the Trump era.

“I hope I made the point that the best way to accomplish the improvements in our society that we need, particularly in making it less unfair economically and socially, is by conventional political methods,” Frank said. “The main obstacle to our defeating populism and going further in the right direction is that mainstream Democrats have to make it clear that we oppose that part of the agenda of our friends on the left that is politically unacceptable. They’re right about a lot of things but you have to have some discretion.”

“You should not take the most unpopular parts of your agenda and make them litmus tests,” he added. “And that’s what my friends on the left have been doing.”

Frank’s path to public life

“My direct organizing of Mississippi voters was limited by the fact that my accent (to this day more New Jersey than New England), my poor diction, and my rid speech, especially when I got excited, rendered me largely incomprehensible to rural Mississippians of both races,” he wrote.

He entered politics in 1968 as an aide to Boston Mayor Kevin White before winning a seat in the Massachusetts House in 1972. Frank was elected to Congress in 1980, an otherwise dismal year for Democrats as the party lost dozens of seats in the U.S. House and Republican Ronald Reagan won the White House.

Frank’s pragmatic style surfaced early in his congressional career. He joined the liberal Democratic Study Group to help push then-Speaker Tip O’Neill, D-Mass., to respond more aggressively to the Reagan administration. But Frank said he found himself more often agreeing with O’Neill’s less confrontational proach.

Years later, as Congress prepared to pass a massive tax overhaul package, Frank intended to vote “no,” opposed to the bill’s lowering of top tax rates. He changed his mind, however, when he worked out a deal boosting affordable housing tax credits.

“I was hpy to sacrifice my ideological purity to improve legislation that was going to become law with or without me,” he wrote.

Rep. Nancy Pelosi, the California Democrat and former House speaker, called Frank an “idealist to the nth degree.”

“The goals, the vision, the promise of it all,” she recalled in an interview. “Nobody could ever surpass what he brought to the table in that regard.”

Making history in Congress

Through his early years in Washington, Frank led something of a double life.

Privately, he socialized in the city’s gay circles and had relationships but did not publicly acknowledge his sexuality. The media at the time rarely reported that someone was gay unless that person was involved in a scandal. When Frank in 1987 invited a reporter to his office to formally ask whether the congressman was gay, Frank responded, “yeah, so what?”

Other elected leaders, perhs most notably San Francisco’s Harvey Milk, had come out years before. Members of Congress, including Rep. Gerry Studds, D-Mass., were previously outed through scandal.

Frank’s proach made him the most prominent gay leader in national politics for much of the 1980s and 1990s. He helped secure AIDS funding and pressed the Democratic Clinton administration, unsuccessfully, to lift a ban on gays serving in the military.

But there were low points, too, most notably an overwhelming 1987 House vote to reprimand him for poor judgment involving a male prostitute he hired in 1985. Rep. Newt Gingrich of Georgia, the Republican whip at the time, pressed for the more severe punishment of censure, which was rejected by a large margin.

Frank became something of a punch line among conservative Republicans, with House Majority Leader Dick Armey, R-Texas, calling him “Barney Fag” in 1995. Armey said he misspoke and later ologized from the House floor.

Along the way, Frank became known as one of the most quotable lawmakers in Congress.

Regarding abortion, he said Republicans believed “life begins at conception and ends at birth,” criticizing the party’s push to curb social programs. After Ken Starr released a report describing President Bill Clinton’s relationship with Monica Lewinsky in sometimes intimate detail, Frank said it required “too much reading about heterosexual sex.”

Rep. Steny Hoyer, D-Md., entered Congress the same year as Frank and he recalled his former colleague: “You may get a blow, but it was softened by the humor that came with it.”

To Sen. Elizabeth Warren, D-Mass, Franks’ “one-liners were wicked and wickedly funny. Barney delivered for working people, and the world is a poorer place without him.”

Presiding over a financial overhaul

By 2007, Frank was the chairman of the House Financial Services Committee, where he would leave his lasting policy mark as the U.S. economy careened toward collse. He worked with the Republican Bush administration to pass a rescue package, providing vital support to financial institutions but spurring a populist revolt that still courses through American politics.

Once the initial crisis eased, Frank helped develop the most significant reform legislation since the New Deal. Working with then-Senate Banking Committee Chairman Chris Dodd, D-Conn., the Dodd-Frank Act would enhance consumer protections, impose new cital requirements for banks and boost the ability of regulators to monitor risk.

“Barney and I shared a fantastic relationship,” Dodd said. “I had many good moments in those 36 years in Congress, but none more significant, joyful, or productive than those almost two years working with Barney on our banking bill.”

Frank faced his toughest reelection campaign in years in 2010 as the tea party wave swept over American politics. He opted against running again in 2012, though remained engaged in politics long after leaving Congress, including spending time as a contributor to the conservative Newsmax network.

He remained a fierce critic of Trump. Asked for his prediction on who might succeed the president, Frank said “unfortunately I won’t get to vote for it.”