China Stocks in U.S. Rally as Dip Buyers Help Halt Slide
- Pinduoduo and JD.com jumped by more than 6% on Wednesday
- Nasdaq Golden Dragon China Index is still down 18% this year
Chinese stocks traded in the U.S. got a boost as dip buyers helped halt a five-day losing streak after the shares rollercoastered during the Asia trading day.
American depositary receipts for technology giants Pinduoduo Inc. and JD.com Inc. both rose by more than 6% on Wednesday. Other large-cap China firms including Alibaba Group Holdings Ltd., NetEase Inc. and Baidu Inc. all closed higher by 3.5% or more. The Nasdaq Golden Dragon China Index climbed 6.4%, its biggest jump since January.