Why Alibaba, JD, and Other Chinese Tech Stocks Rallied Wednesday Morning
The prospect of additional support from China's government helped fuel a tech rally.
Stocks of several of China's most popular technology companies were rallying on Wednesday as the country's leader promised to support the technology industry and kept its economic growth goals intact.
With that as a backdrop, some of China's favorite stocks outpaced the gains of the broader market. Shares of Alibaba (NYSE: BABA) surged 7.7%, JD.com (NASDAQ: JD) climbed 5.7%, and Tencent Holdings (OTC: TCEHY) rose 5.3% as of 12:50 p.m. ET. There wasn't any company-specific news fueling the gains, which suggests the comments made by the country's leader helped drive the stocks higher.
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