US stocks are rallying again

After the US stock market had its best day in about 4 years on Wednesday, stock futures were pointing to a continuation of this rally early Thursday morning.

Near 7:35 am ET, Dow futures were up 173 points, S&P 500 futures were up 19 points, while Nasdaq futures were up 55 points.

All of the major indexes were higher by more than 1%.

On Wednesday, the Dow gained 619 points, its third-best gain on a points basis ever, while the S&P 500 gained 3.9% in its biggest rally since November 2011.

After a rally early Tuesday faded into the close, Wednesday saw the opposite result final hour of trading, with stocks exploding higher. And so while gains were seen on Wednesday, extreme volatility is still the main theme in markets.

Overnight on Thursday, stocks in China rallied about 5%, snapping a streak of 3 straight ugly declines.

Early in the day on Thursday, stocks in Europe were also surging with the FTSE in London, the Dax in Germany, and the CAC in Paris all up better than 2%.

In the US, we have a bunch of economic data set for release, with the second estimate to Q2 GDP and initial jobless claims crossing the wires at 8:30 am ET, while the July report on pending home sales will cross at 10:00 am ET.

Markets will also be watching the Jackson Hole economic symposium in Wyoming, though Fed chair Janet Yellen is not expected to attend.

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