By Will Feuer
International stocks trading in New York closed higher on Thursday amid a broad market rally that was boosted by some stronger-than-expected retail earnings reports.
The S&P/BNY Mellon index of American depositary receipts ticked up 1.6% to 147.94. The European index rose 0.7% to 140.78. The Asian index rose 3.1% to 171.93. The Latin American index moved up 1.8% to 215.56, while the emerging-markets index advanced 3.6% to 295.7.
American Depositary Receipts tied to Alibaba Group Holding Ltd. jumped almost 15% to $94.48 after the Chinese e-commerce company posted fourth-quarter results that topped analyst expectations. Still, the company posted the slowest quarterly revenue growth for the second straight quarter since it went public in 2014, and said challenges from Covid-19 outbreaks are severely cutting into its business across China.
ADRs of Chinese internet search company Baidu Inc. also rose more than 14% to $136.19 after the company posted a 1% increase in its first-quarter revenue from a year ago. Baidu Chief Executive Robin Li said the company's business has been hurt by the resurgence of Covid-19 in China since mid-March.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
05-26-22 1622ET
