The euphoria was thanks to Beijing's big-bang stimulus announcement, that showed urgency and concerted commitment to boost China's ailing economy.

China’s problems run deep, but policymakers are changing their tone. Experts are taking note but are still wary as previous moves haven’t worked.

Stocks in Asia are mostly higher, boosted by moves by China to rev up its economy. The Hang Seng in Hong Kong advanced 3.7% and the Shanghai Composite index jumped 2.1% after China’s central bank cut

Indexes rallied Thursday amid a surprise fall in jobless claims and promises from China to further invigorate the country's sluggish economy.

A move like that is scary to chase, especially in a market as volatile as China’s, where the merest suggestion of regulatory scrutiny or lack of monetary stimulus could reverse things in a hurry. Then there are the warnings about the lack of oomph the stimulus measures are expected to provide.

A global stock index reached a record high on Friday following China's stimulus boost, while Treasury yields dipped as U.S. inflation data lifted expectations of an outsized interest rate cut at the Federal Reserve's November policy meeting.

Shares rallied again in Asia on Thursday following reports that China plans to spend billions of dollars to help rebuild the capital of state-run banks. Bloomberg and other reports cited unnamed sources as saying that the Chinese government would spend 1 trillion yuan ($142 billion) on capital injections for lenders.

Hong Kong and Shanghai led another rally across markets on Thursday as China unveiled further economy-boosting measures following a raft of stimulus this week. China announced a fresh batch of measures to boost jobs -- particularly among young people -- and help the poorest with handouts,