Alibaba Jumps on China Rebound; Stocks Surge as Oil Spikes

Stocks held onto big gains by the midway mark of the session, boosted by government action in China to stem recent massive market declines. The move was having a positive impact on China based, U.S.-listed stocks. Chinese search engine Baidu (BIDU), casino operator Melco Crown Entertainment (MPEL), and the largest of China-based stocks, Alibaba (BABA), surged. Crude oil prices rallied as global markets surged on the rebound in China's Shanghai Composite. Oil recovered a position above $52 a barrel, while major oilers including Chevron (CVX), BP (BP) and Shell (RDS.A) surged. Good news out of China was enough for investors to largely overlook a downgrade in growth expectations from the IMF. The body now expects global growth of 3.3% over 2015.