Stocks in Asia Pacific rose on Thursday after the Dow Jones Industrial Average soared more than 1,000 points overnight stateside.
The International Monetary Fund (IMF) also announced a $50 billion aid package on Wednesday to combat the impact of the coronavirus. IMF Managing Director Kristalina Georgieva told CNBC the money is available "immediately" and is for low-income and emerging market countries.
Stocks in mainland China were among the biggest gainers on the day, with the Shanghai composite up 1.99% to about 3,071.68 while the Shenzhen component added 1.9% to 11,711.37. The Shenzhen composite also gained 1.777% to approximately 1,929.44.
Australia's January trade data released Thursday came in above expectations. The balance on goods and services came in at a surplus of $5.21 billion Australian dollars (approx. $3.445 billion) on a seasonally adjusted basis, above expectations of a surplus of $4.8 billion Australian dollars in a Reuters poll.
Meanwhile, the country warned on Thursday that the coronavirus crisis will deduct at least half a percentage point from growth in the current quarter, according to Reuters. Australia reported its second death from the disease, and a first from a local transmission.
In Japan, the Nikkei 225 closed 1.09% higher at 21,329.12 while the Topix index also gained 0.88% to end its trading day at 1,515.71. South Korea's Kospi closed 1.26% higher at 2,085.26 as shares of Celltrion soared 4.3%.
Overall, the MSCI Asia ex-Japan index was 1.26% higher.
Investors continued to monitor for developments on the coronavirus outbreak that has now spread worldwide, with more than 90,000 confirmed cases globally.
The IMF's Georgieva told CNBC on Wednesday that the organization would like to see the money from its aid package used first to bolster health care systems and then for targeted fiscal stimulus programs and to boost liquidity.
"We're keeping our portfolios reasonably balanced, there's plenty of uncertainty still out there as we see ... coronavirus cases increase overseas," Ed Brooke, senior investment advisor at Escala Partners, told CNBC's "Capital Connection" on Thursday.
"What's becoming a little bit more known now is that we are going to see a central bank response and also a government response in fiscal policy," Brooke said. "That's helping cushion markets at the moment."
Overnight on Wall Street, the Dow skyrocketed 1,173.45 points higher to close at 27,090.86 — its second-highest point gain ever, and the second time in three days that the 30-stock average swung 1,000 points or higher. The S&P 500 jumped 4.2% to finish at 3,130.12, while the Nasdaq Composite advanced 3.8% to close at 9,018.09.
The strong rally on Wednesday lifted the three major averages stateside out of correction territory, leaving them now less than 10% down from their 52-week highs.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.339 after seeing an earlier low of 97.326.
— CNBC's Fred Imbert contributed to this report.