(New York) All indexes were traded higher in New York on Wednesday after the feds cuts the federal funds rate by 0.25% to 4.50%, the second reduction in the last six weeks. The rate cut will certainly help to revive the slumping housing market. More importantly, it eases the concerns for many investors. Some of the Chinese Internet are surging to all time high and show no signs of bubbles.

Baidu.com, Inc.(Nasdaq:BIDU), the Beijing-based company, up 3.1%, $11.49 to record $382.49. This is the highest closing price ever.

Sohu.com Inc. (Nasdaq:SOHU), up $3.09, or 5.44%, to $59.91 after reported strong earning for Q3. This is the record closing price since this Chinese company has been listed in Nasdaq.

Sina Corp. (Nasdaq:SINA), up 22 cents to $57.33.

CDC Corp. (Nasdaq:CHINA, up 6 cents to $7.38.

Shanda Interactive Entertainment Ltd. (Nasdaq:SNDA), shares up 2 cents to $39.37.

NetEase.com Inc.(Nasdaq:NTES), up 62 cents to $20.81.

Ctrip.com International Ltd., up $2.52, or 4.68 percent, to $56.36.

China’s Stocks listed in U.S. were mostly higher Monday as investors expected for another rate cut from the feds in U.S.

Sohu.com, Inc. (Nasdaq:SOHU), ahead of earning, up 7.23% to close at $53.53. Shares of Sohu.com jumps another 10% in after hours thanks to the strong Q3 profit and above-expectations Q4 outlook. It reported Q3 profit that beats consensus by 4c.

Baidu.com, Inc.(Nasdaq:BIDU), the Beijing-based search engine, added another $12.11, 3.43% and finished at $365.50.

Overseas markets were generally stronger. The Hang Seng Index climbed 0.6% while China’s Shanghai Composite rose 1.5% to 5,832.09.

Giant Interactive (GA : NYSE) a direct competitor of Shanda Interactive Entertainment Ltd. (SNDA : Nasdaq) will be traded this week on NYSE. The Chinese online game developer is known for creating massively multiplayer online (MMO) games, played by tens of thousands of players through networked game servers.

IPO information:
Chairman and CEO: Yuzhu Shi
CFO: Shiliang Song
Proposed Offer Price: $12.00 to $14.00
Shares Offered: 57,200,000
Underwriters: Merrill Lynch, UBS, J.P. Morgan, CIBC, Piper Jaffray and Susquehanna Financial Group

Alipay, similar to PayPal online payment service, is China’s leading online payment service and a subsidiary of the Alibaba Group (ALBB). Today it launched a new international service which allows consumers in Mainland China to buy directly online from global retailers. The new service allows global retailers to sell directly to China consumers online. This resolves a problem that handicapped the development of Chinese e-commerce.