Chinese Stocks in US Rally, Erasing Most of Record Selloff
- Golden Dragon China Index posts best two-day gain since April
- Alibaba, JD jump on Beijing policy support; retail flows rise
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Chinese stocks in the US are extending their rally after a record selloff on Monday, as Beijing’s pledge to support its financial markets lifted investor confidence and retail traders bought the dip.
The Nasdaq Golden Dragon China Index rose 7.2% on Wednesday, bringing its two-day gain to 12%, the most since April. The index has erased most of its losses from Monday, when it sank 14%. Among the top performers, Alibaba Group Holding Ltd., JD.com Inc. and Pinduoduo Inc. jumped more than 8%, while Lufax Holding Ltd. rallied 13%.