WASHINGTON (Sputnik) – The Dow Jones Industrial average was up 287 points, or 1.8 percent, by 11 AM (3 PM GMT) in early morning trading. The S&P 500 was up 38 points or 2 percent and the tech heavy NASDAQ was up 119 points, or 2.6 percent.
Tuesday’s relief came a day after global markets plunged on economic news from China. US markets on Monday lost around 4 percent of their value. European shares were similarly battered.
China’s Shanghai Composite Index continued to decline after losing 8.4 percent of its value on Monday, closing 7.6 percent lower in trading on Tuesday. China announced on Tuesday it would lower interest rates by 25 basis points.
