China’s stock market just had its best day in 16 years, sending related U.S. ETFs soaring | Real Time Headlines

Chinese stocks rose to Best day in 16 yearsRecent economic stimulus measures have boosted the optimism of market investors, and related U.S. ETFs have also risen sharply.

this Shanghai Composite Index The index soared 8.06%, its best one-day gain since September 2008 and ending a nine-day winning streak. The stock is up 17.39% through September, its first monthly gain in five years and its best monthly performance since April 2015.

this Shenzhen Component Index It closed up 10.9%, its best one-day gain since April 1996.

this China ADR Index It was last up 1.4%. Earlier in the day, the index was up nearly 6%.

U.S. listed human resources company stocks Kanzhun Up 2% with online video company Bilibili. Internet Brokerage Company Futu Holdings up 14%.

this Kingsoft CSI China Internet ETF (KWEB) up 1%. U.S.-listed stocks Alibaba and Jingdong Slightly higher.

Chinese stocks surged after Beijing unveiled a slew of policies last week economic stimulus measures Includes rate cuts to support the weak housing market. On Thursday, state media said China’s president Xi Jinping Wait for senior leaders to confirm these measures.

“While we’re not sure there’s enough money to actually get the economy back up and running, this is certainly the right first step,” said Art Hogan, chief market strategist at B. Riley Securities. “I think the impact of China’s rise cannot be underestimated. “

“Overall, this is a vague positive for the market going forward,” he added. “I think a lot of investors are going to have to readjust their expectations very quickly.”

After this move, more American investors are optimistic about the market. Last week, billionaire hedge fund founder David Tepper said he was extremely bullish on Chinese stocks. Bought “everything” related to China This follows the recent rate cut by the Federal Reserve.

—CNBC’s Gina Francolla, Nick Wells, Lim Hui Jie and Evelyn Cheng contributed to this report.