Wall Street rose overnight, rebounding from one of its worst slumps ever, as investors found value in beaten-down equities and after New York Fed Bank President William Dudley said a US interest rate increase next month "seems less compelling."
"From my perspective, at this moment, the decision to begin the normalisation process at the September FOMC meeting seems less compelling to me than it was a few weeks ago," Dudley told a news conference.
"But normalisation could become more compelling by the time of the meeting as we get additional information on how the US economy is performing and more information on international and financial market developments," according to Dudley.
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At about 3.15pm in New York, the Dow Jones Industrial Average gained 3.4 percent, while the Standard & Poor's 500 Index rose 2.5 percent, and the Nasdaq Composite Index added 2.6 percent. Gains were accelerating in the final hour of trade.