China Stocks Surge in U.S. as Vaccine Drive Fuels Reopening Bets

(Bloomberg) — Chinese stocks traded in the U.S. extended gains Tuesday as officials vowed to speed up Covid shots for the elderly and avoid excessive restrictions, fueling a new round of bets that Beijing is bending to pressure for an economic reopening.

The Nasdaq Golden Dragon Index surged as much as 6.3%, the most in two weeks, adding to a 2.8% gain in Monday’s session. E-commerce giants Alibaba Group Holding Ltd. and JD.com Inc. each rose at least 5.4%. Stocks that are set to gain strongly from reopening, such as online travel agency Trip.com Group Ltd. and Yum China Holdings Inc., also climbed. The moves tracked a rally among Hong Kong stocks as the Hang Seng Index jumped 5.2%.