Thanks, Asia, for the push this AM. Now if that interest rate cut would come through tomorrow this week might not suck.
Fox Business:…As of 9:32 a.m. EDT, the Dow Jones Industrial Average rose 219.67 points, or 2.69%, to 8389.54, the broader S&P 500 added 22.23 points, or 2.54%, to 870.51 and the Nasdaq Composite picked up 47.88 points, or 3.18%, to 1553.78. The consumer-friendly FOX 50 gained 18.43 points, or 2.81%, to 674.19.
…The markets were also boosted by a series of better-than-expected earnings reports from companies like U.S. Steel (X: 32.16, +1.34, +4.34%), Valero (VLO: 16.95, +1.84, +12.17%) and McGraw-Hill (MHP: 21.91, +1.69, +8.35%).
…U.S. futures markets continue to receive a cue from volatile stock markets around the world. Thanks to a 14% surge from Hong Kong’s Hang Seng index and a 6% jump from Japan’s Nikkei, U.S. futures rose sharply early Tuesday.
…European markets also saw solid gains following better-than-expected earnings from oil giant BP (BP: 44.57, +4.42, +11.00%). London’s FTSE 100 was up 3.6% in the first hours of trading while Germany’s DAX soared 8.8% and Paris’ CAC 40 was up 2.8%.
The focus on Wall Street has shifted to a scheduled decision on interest rates on Wednesday from the Federal Open Market Committee. The markets widely expect the Fed’s policymaking arm to slash interest rates by 0.50% amid the latest dreary economic headlines and a stock market that has taken a nosedive.
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