Global stocks rose Thursday after China unexpectedly cut its primary interest rate by 25 basis points in the face of a slowing economy.

The Dow Jones Industrial Average was up 98.84 points, or 0.80 percent, to 12,513.63 points in mid-Thursday trading. The Nasdaq was up 7.26 points, or 0.27 percent, to 2,850.69. Germany's DAX rose 50.23 points, or 0.82 percent, to 6,144.22. Japan's Nikkei closed up 106.19 points, or 1.24 percent, to 8,639.72.

The last time China decreased rates was in November 2008.