Shares of Estée Lauder surged by 10% on Thursday, becoming one of the top performers in the S&P 500 index, following the announcement of an economic stimulus package in China.

The stock’s rise followed news of China’s efforts to stimulate its economy, which could boost consumer sentiment and help recover sales.

China is a key market for Estée Lauder, accounting for nearly a third of the company’s total sales. Concerns about sales in China have been putting pressure on the company’s stock throughout 2024.