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Aug 27 2015

Easing rate concerns give Wall St big rally

Market Recap 08/26/15:

U.S. stocks jumped on Wednesday, with major indexes posting their best one-day advance in four years. The rally snapped a six-day losing streak, however, one driven by slowing growth in China and that country’s plummeting stock market. The rally came after New York Fed President William Dudley said that the prospect of raising rates in September seemed “less compelling” than it had a few weeks ago given the turmoil in the market. Investors have been concerned that the Fed would still raise rates in September despite the issues in China, and with those concerns seemingly eased, they took to buying bargains in beaten-down shares. Apple (AAPL) and Google (GOOGL) were among the biggest gainers of the day.

Looking ahead:

Futures pointed to further gains on Thursday, with global shares rallying and China’s equity market up more than 5 percent. The gains were broad, with futures higher across the board and oil climbing back above $40 per barrel. However, the day could be volatile given the multi-day Fed meeting in Jackson Hole, which begins today. Investors are looking closely for any sign of when interest rates will be raised, and the market could move on any comments by Fed officials. In company news, retail stocks will be in view, with a number of outlets set to report quarterly results, including Tiffany (TIF), Aeropostale (ARO) and Gamestop (GME). Make sure you don’t miss this week’s Money Matters with Gary Goldberg, where the guest will be S&P Capital IQ’s and friend of Money Matters Sam Stovall, as well as Dr. Kristine Gedroic, who will talk about healthy eating and lifestyle habits. Visit our website for more details.