Chinese tech stocks rally after forecasts from Alibaba and Baidu

Chinese internet stocks surged, after the results of Alibaba Group Holding Ltd. and Baidu Inc. exceeded pessimistic market expectations.

The rally, which extended a period of extraordinary volatility for the sector, began in the United States, where American certificates of deposit in the two companies jumped more than 10% on Thursday. This helped fuel a 7.6% advance in the broader Nasdaq Golden Dragon China Index.


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