Wall Street had its biggest one day gain in 4 years led by Silicon Valley stalwarts Google, Apple, and Amazon. This ended a six day losing streak. Experts see the gain as a sign that bargain hunters put China's slumping economy to side and believe the U.S. Federal Reserve will not raise interest rates next month.
The Dow Jones industrial average finished 3.95 percent higher at 16,285.51. Its gain of 619.07 points was its biggest since 2008. The S&P 500 .SPX gained 3.9 percent to 1,940.51 and the Nasdaq Composite .IXIC added 4.24 percent to end at 4,697.54. The technology sector jumped 5.3 percent which was the biggest leap since 2009.
Reuters spoke with Michael Matousek, head trader at U.S. Global Investors, Inc. in San Antonio and he stated “A lot of people were anticipating the last half of the day would roll over and fall off and that hasn't happened." That sell-off never occurred and traders started to cover their shorts.
To read more from our staff click here