(MENAFN- Saudi Press Agency) New York Dhu-AlQa'dah 12 1436 August 27 2015 SPA -- The Dow Jones Industrial Average recorded its
largest one-day rally since 2011 ending six days of steep drops over
fears about the Chinese economy according to dpa.
US markets were bolstered by indications the Federal Reserve might
hold off on increasing interest rates next month.
New York Federal Reserve Bank President William Dudley said concerns
about global markets had reduced the odds that the central bank will
increase its benchmark federal funds rate after years of keeping it
at near-zero per cent.
The Dow rose nearly 4 per cent or 519.07 points to 16285.51 while
the broader Standard & Poor's 500 Index added 72.9 points or 3.9 per
cent to 1940.51. The technology-heavy Nasdaq Composite Index rose
191 points or 4.2 per cent to 4697.54.
Wednesday's rally followed days of international market turmoil over
fears about Chinese growth. Beijing moved Tuesday to cut interest
rates for the fifth time since November seeking to pump more money
into the economy and to counter fears about the growth outlook.
A day earlier the blue chip Dow initially rebounded by 440 points
but as worries over what will happen in China's market took hold
investors began a sell-off late in the day.
Shares in China continued to slide Wednesday despite the most recent
moves while shares in Europe were down despite rebounding a day
earlier.
--SPA
01:07 LOCAL TIME 22:07 GMT
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