On Friday, major Chinese stocks saw a significant rise. The Nasdaq Golden Dragon China Index (HXC) closed up 4%, marking a weekly increase of 23.94%.
Among the gainers (sorted by market value): Alibaba rose 2.15%, Pinduoduo increased 4.66%, NetEase gained 2.69%, JD.com surged 5.09%, Trip.com jumped 8.19%, Baidu rose 2.54%, Li Auto grew 1.60%, KE Holdings increased 1.57%, BeiGene gained 2.77%, ZTO Express rose 0.79%, NIO surged 12.72%, New Oriental Education climbed 3.44%, Huazhu Hotels Group rose 3.15%, Futu Holdings increased 5.19%, XPeng Motors surged 8.91%, Full Truck Alliance grew 1.54%, Bilibili jumped 8.68%, Vipshop increased 3.14%, and Kanzhun rose 6.58%.
Among the decliners (sorted by market value): TSMC fell 4.74%, Chunghwa Telecom dropped 0.81%, UMC decreased 1.36%, ASE Technology fell 3.37%, and WSP Holdings dipped 0.05%.
U.S. stocks ended mixed on Friday, but all three major indexes recorded weekly gains for the third consecutive week. The Federal Reserve's preferred PCE inflation data showed easing inflation pressures and a cooling economy, strengthening market expectations for continued rate cuts in the coming months. The Nasdaq Golden Dragon China Index closed up 4%, reaching a more than one-year high.
The Dow Jones Industrial Average rose 137.89 points, or 0.33%, to 42,313.00 points; the Nasdaq Composite fell 70.70 points, or 0.39%, to 18,119.59 points; and the S&P 500 Index dropped 7.20 points, or 0.13%, to 5,738.17 points.
This week, the Dow Jones increased by 0.59%, the S&P 500 rose 0.62%, and the Nasdaq went up 0.95%, with all three indexes recording weekly gains for the third consecutive week.
During Friday's session, the Dow Jones reached an intraday all-time high of 42,628.32 points.
