(fxcue news) - The China stock market found renewed support on Thursday, one day after ending the two-day winning streak in which it had spiked more than 110 points or 3.3 percent. The Shanghai Composite now sits just above the 3,470-point plateau although it's expected to open higher again on Friday. The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead. The SCI finished sharply higher on Thursday following gains from the financial hares, property stocks and resource and energy companies. For the day, the index surged 86.85 points or 2.57 percent to finish at the daily high of 3,470.66 after trading as low as 3,356.26. The Shenzhen Composite Index soared 50.93 points or 2.48 percent to end at 2,100.71. Among the actives, Industrial and Commercial Bank of China advanced 0.99 percent, while Bank of China collected 0.61 percent, China Construction Bank climbed 1.00 percent, China Merchants Bank accelerated 2.62 percent, Agricultural Bank of China added 0.63 percent, China Life Insurance skyrocketed 9.99 percent, Jiangxi Copper improved 0.73 percent, Aluminum Corp of China (Chalco) spiked 2.91 percent, Yankuang Energy rallied 2.48 percent, PetroChina strengthened 1.09 percent, China Petroleum and Chemical (Sinopec) jumped 1.59 percent, Huaneng Power increased 1.52 percent, China Shenhua Energy gained 1.19 percent, Gemdale surged 3.50 percent, Poly Developments soared 2.73 percent and China Vanke gathered 4.11 percent. The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and S&P both hitting fresh record closing highs.. The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the S&P 500 advanced 44.06 points or 0.74 percent to end at 5,973.10. The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump's return to the White House, which is expected to be positive for corporations. Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point. Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.