US stock market hits another record high as China eases

Markets rose on Thursday, with the S&P 500 rising 0.8 percent to hit another record high.

Markets rose after the People's Bank of China announced a 0.5-percentage-point cut in the reserve requirement ratio for commercial banks.

“The update from the PBOC helped Chinese stocks, and that positive sentiment spilled over to Europe,” said David Madden, market analyst at CMC Markets.

Alec Young, managing director of global markets research, said that “this is a liquidity-driven momentum rally” and “Chinese easing overnight has gotten it kicking into high gear”.