China's stocks soar 5.3 percent, following U.S. in global rally

China economy — (Image credit: Kevin Frayer/Getty Images)

China's benchmark Shanghai Composite Index closed up 5.3 percent on Thursday, ending a six-day free fall and posting its biggest one-day gain since June. The rally in China, following a hefty rebound in U.S. stocks on Wednesday, helped lead markets higher around the world. Japan's Nikkei closed 1.1 percent higher, Hong Kong's Hang Seng jumped 2.9 percent, and Sydney's S&P ASX 200 closed up 1.2 percent. Shares on European exchanges were also up in early trading. The U.S. stock rally was attributed to comments from a Federal Reserve official suggesting the Fed won't raise interest rates in September.

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.