Posted 12/15/2023, 11:47:33 PM
China Announces $113 Billion Stimulus Package, Lifting Alibaba and Other Chinese Tech Stocks
- China announced a new $113 billion stimulus package to boost its economy, lifting stocks like Alibaba
- The stimulus did not target tech specifically, but investors hope it will have a positive impact across sectors
- Alibaba stock rose almost 3% on the news, outperforming the flat S&P 500
- Other Chinese tech stocks like JD.com and Baidu also saw gains of over 1% on optimism about the stimulus
- Despite the gains, investors are being cautiously optimistic, not seeing the stimulus as a total game-changer