Chinese Stocks Surge, Nasdaq Golden Dragon Index Rises 4.33%
In the early hours of January 31, Beijing time, U.S. stocks closed higher on Thursday. The Dow Jones rose 168.61 points, or 0.38%, closing at 44,882.13 points. The Nasdaq increased by 49.43 points, or 0.25%, to 19,681.75 points, and the S&P 500 rose 31.86 points, or 0.53%, to 6,071.17 points. Chinese stocks performed strongly, with the Nasdaq Golden Dragon China Index (HXC) up by 4.33%.
Broad Gains in Chinese Stocks, Led by Tech Stocks
On Thursday, popular Chinese stocks saw broad gains: TSMC rose 2.88%, Alibaba surged 6.22%, Pinduoduo increased 3.00%, NetEase gained 3.95%, JD.com rose 5.07%, and Baidu climbed 5.76%. Additionally, Li Auto increased 4.20%, KE Holdings rose 5.53%, Tencent Music climbed 5.41%, Xpeng Motors rose 5.13%, NIO gained 5.21%, Bilibili increased 4.83%, and Zeekr rose 5.64%.
Other significant gainers included Huazhu Group up 4.70%, New Oriental up 4.59%, Vipshop up 3.89%, and Kanzhun up 4.27%. Companies such as Full Truck Alliance, Miniso Group, Futu Holdings, Trip.com, and others also recorded varying degrees of gains.
A Few Chinese Stocks Decline
Few Chinese stocks fell, with Chunghwa Telecom down 0.36%, China New Town Development dropping 1.13%, and autonomous driving company WeRide declining 1.58%.
U.S. Stock Market Focuses on Tech Earnings and Economic Data
Investors closely watched the latest earnings of U.S. tech companies while assessing the fourth-quarter GDP data of the United States. The data showed GDP growth lower than expected, raising concerns about an economic slowdown.
Additionally, the European Central Bank cut rates for the fifth time since last June, indicating that the global economic environment remains challenging. The market anticipates that the future policy direction of the Federal Reserve will have a significant impact on the stock market and economic growth.
