ECB chief Mario Draghi announced Thursday that the central bank was ready to adjust “the size, composition and duration” of its QE program.

The S&P 500 gained 0.7 percent to reach its highest level since Aug. 20, when a sell-off period was sparked by weak data coming out of China.

The Dow Jones industrial average .DJI rose 109.6 points, or 0.63 percent, to 17,598.76; the S&P 500 .SPX gained 18.1 points, or 0.88 percent, to 2,070.61; and the Nasdaq Composite .IXIC climbed 92.72 points, or 1.88 percent, to 5,012.77.

China’s surprise move saw it cut its benchmark one-year lending rate by 25 basis points to 4.35 percent.

The FTSEurofirst .FTEU3 was up 2 percent adding to what will be a fourth-straight week of gains for MSCI’s 45-country All World index .WORLD.

Speaking to Reuters about the China cut, Societe Generale FX Strategist Alvin Tan said, “It is basically throwing more fuel into the global risk rally after Draghi’s pretty bold moves yesterday.”.

According to the report released On October 13, the middle class in China has been growing faster than its U.S. counterpart.

Since 2000, China has added 43.4 million adults to its middle class while the U.S. has lagged behind with just 22 million.

“The middle class will continue to expand in emerging economies overall, with a lion’s share of that growth to occur in Asia,” said Credit Suisse CEO Tidjane Thiam. “As a result, we will see changing consumption patterns as well as societal changes as, historically, the middle class have acted as an agent of stability and prosperity.”

Middle class wealth grew faster this year in Asia than it did in North America and Europe.

The report defines the middle class “in terms of a wealth band rather than an income range” and benchmarks it against the U.S. because it traditionally has had the world’s largest middle class. The lower level of the band is defined as having wealth “double the medium income,” or $50,000 at mid-2015 prices. The upper level is defined as ten times that amount..