BUSINESS US-listed Chinese firms trade mostly higher

BUSINESS

US-listed Chinese firms trade mostly higher

Xinhua

06:52, August 27, 2020

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(File photo: baidu.com)

NEW YORK, Aug. 26 (Xinhua) -- U.S.-listed Chinese companies traded mostly higher on Wednesday, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

Shares of Pinduoduo and Alibaba Group Holding advanced 2.3 percent and 2.08 percent, respectively, leading the gainers in the top 10 stocks in the index.

Shares of Trip.com Group and New Oriental Education & Technology Group went down 0.52 percent and 0.14 percent, respectively, the only two decliners in the top 10 stocks.

U.S. stocks finished higher on Wednesday, boosted by a strong rally in tech-related shares.

The Dow Jones Industrial Average rose 83.48 points, or 0.3 percent, to 28,331.92. The S&P 500 increased 35.11 points, or 1.02 percent, to 3,478.73. The Nasdaq Composite Index jumped 198.59 points, or 1.73 percent, to 11,665.06.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, climbed 5.63 percent to 23.27.

As of Tuesday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,438.18, marking a 5.4-percent increase for the month-to-date returns and a 40.13-percent gain for the year-to-date returns.

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