Chinese Stocks Book $70 Billion US Rally As Beijing Brandishes ‘Big Guns’ Stimulus

Chinese stocks surged Thursday as investors responded favorably to Beijing’s commitment to jolt its economy, with New York-listed shares of the firms adding hundreds of billions of dollars, helping boost American stocks as well.Chinese companies dually listed on the New York Stock Exchange and Nasdaq tacked on $71 billion of market capitalization in the U.S., led by the more than $15 billion respective rallies from e-commerce giants Alibaba and Pinduoduo.

The 20 stocks gained an average of 11% in New York by about 10:15 a.m. EDT, according to Yahoo Finance data. That helped boost the Nasdaq Composite tech stock index 1% to a two-month high; the U.S.’ other leading stock indexes, the S&P 500 and Dow Jones Industrial Average, rose a more modest 0.6% and 0.5%, respectively partially tied to the fact the dual-listed Chinese stocks only factor into the Nasdaq.

The stateside gains followed massive gains in Asian trading for Chinese companies, as China’s CSI 300 index and Hong Kong’s Hang Seng index tacked on about 4% apiece.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US-listed Chinese stocks broadly higher after PBOC announces stimulusUS-listed Chinese stocks broadly higher after PBOC announces stimulus
Source: Investingcom - 🏆 450. / 53 Read more »

Chinese stocks hold bullish outlook, Gavekal Research saysChinese stocks hold bullish outlook, Gavekal Research says
Source: Investingcom - 🏆 450. / 53 Read more »

China's auto stocks rise unfazed by U.S. proposal to ban Chinese car partsShares of Chinese automakers climbed in spite of news that the U.S. government is mulling a new proposal to ban Chinese and Russian car parts.
Source: CNBC - 🏆 12. / 72 Read more »

Chinese stocks lead Asia gains as PBOC announces slew of policy easing measures in rare briefingThe People’s Bank of China has announced that it will reduce the reserve requirement ratio by 50 basis points, among other measures.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

3 Undervalued Chinese Stocks Poised to Take Off Thanks to Beijing’s StimulusStocks Analysis by Investing.com (Alessandro Bergonzi) covering: NetEase Inc, Shanghai Shenzhen CSI 300, ZTO Express (Cayman) Inc, Huazhu Group Ltd. Read Investing.com (Alessandro Bergonzi)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

European Stocks Dip Despite Chinese StimulusEuropean stocks saw slight declines on Wednesday despite gains from previous sessions fueled by Chinese stimulus measures. Investors are also monitoring developments in sectors like banking and technology.
Source: NBCNewYork - 🏆 270. / 63 Read more »