U.S. stocks jumped at the open
Image Credits: Anthony Quintano.
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The latest on the global financial market turmoil (all times local):
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10:13 a.m.
Stocks stay higher in the U.S. after a report shows that Americans stepped up their purchases of new homes in July, with sales surging in the Northeast.
The Commerce Department says new-home sales rose 5.4 percent last month to a seasonally adjusted annual rate of 507,000, recovering from a slide in purchases in June.
All 10 sectors in the S&P 500 index are higher, led by gains for technology stocks.
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9:30 a.m.
U.S. stocks jumped at the open after China’s central bank cut interest rates to support its economy.
The Dow Jones industrial average rose 296 points, or 1.9 percent, to 16,180.61, as of 9:45 a.m. Eastern time. The Standard & Poor’s 500 index climbed 38 points, or 2 percent, to 1,932. The Nasdaq composite rose 109 points, or 2.4 percent, to 4,635.
Oil prices are up, but U.S. crude is still trading below $40 a barrel.
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