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.

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