(CNBC) U.S. equities closed sharply higher Friday after the Chinese central bank cut interest rates and after three tech giants posted better-than-expected earnings.
"[The rate cut] is a very short-term positive," said Peter Cardillo, chief market economist at Rockwell Global Capital. He also said that, while the central bank is stimulating the economy by cutting rates, the move could also signal China's economy is weaker than people think.
The People's Bank of China cut interest rates for the sixth time since November to 4.35 percent, effective from Oct. 24.
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"It's just so hard to judge what's going on there because there'very little good data," said Maris Ogg, president at Tower Bridge Advisors. "You can't interpret this as mixed news; it's more of a question mark."