US stocks are ripping higher into the close

And now stocks are flying higher.

After stocks started fading for the second straight day on Wednesday, the market has started to rally back late in the day, with the Dow now logging daily gains of over 500 points with about 45 minutes to go in the trading day.

Near 3:15 pm ET, the S&P 500 was also up 63 and the Nasdaq was up 163 points, their best levels of the day.

Near 12:40 pm ET, the Dow was 130 points, the S&P 500 was up 13 points, and the Nasdaq was up 28 points, though right after the opening bell rang in New York on Wednesday morning, the Dow was up 400 points, the S&P 500 was up 45 points, and the Nasdaq was up 130 points.

Near 9:50 a.m. ET, the Dow was up about 300 points, the S&P 500 was up about 39, and the Nasdaq was up about 105. And by around 10:20 a.m., the Dow was up just more than 200 points, the S&P 500 was up about 25, and the Nasdaq was up about 68.

Speaking on Wednesday, New York Fed President Bill Dudley said the case for raising rates in September is now “less compelling.”

Dudley added that the Fed’s decision is not just about what is happening now in the economy, but how the Fed’s move affects the economic outlook.

Dudley did add, however, that the stock market has to move “a lot” to affect the economy, but said a long, prolonged drop in the stock market does have consequences.

Dudley added that the first piece of economic data in which the stock market’s recent decline could show up is the next University of Michigan consumer confidence reading, currently set for release Friday.

So overall, the situation in markets remains as it has been: highly unsettled.

In economic news, durable goods orders topped expectations in July, while stocks in China had another wild ride overnight.

On Wednesday, the New York Stock Exchange invoked “Rule 48” for the third straight day. Rule 48 is designed to smooth the market open, and in short it means that market makers — the people on the New York Stock Exchange floor who match buyers with sellers — wouldn’t have to give price indications before the bell rings at 9:30 a.m.

Keep it here all day as we’ll have updates as the market opens and throughout the trading session.

NOW WATCH: How to invest like Warren Buffett

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.