Chinese stocks rallied a fourth day in New York as Baidu Inc. rose on prospects Internet video acquisitions will bolster its mobile presence and Aluminum Corp. of China Ltd. led gains among energy and commodity producers.
Qihoo 360 Technology Co., the Chinese Internet company whose search engine debut drove shares to a record, is falling along with rival Baidu Inc. on concern advertising spending isn’t keeping pace with economic growth.
The Standard & Poor’s 500 Index’s first back-to-back gain since April produced a buy signal in a trend measure, suggesting the biggest retreat since the bull market began may be over, according to Auerbach Grayson & Co.
Chinese equities jumped the most in two months in New York as Sina Corp. soared on a report e- commerce giant Alibaba Group Holding Ltd. will buy as much as 20 percent of the Internet company’s Twitter-like Weibo service.
Chinese equities in New York gained for a third week, the longest rally in the benchmark index since April, on speculation data due this week will signal growth in the world’s second-largest economy is reviving.
Chinese stocks fell for the first time in three days in New York, on speculation investors are waiting for policy indications from the new government after shares jumped to the most expensive level since October.