Stocks Rally Back After Early Selloff

Stocks rallied back after an early morning selloff as investors are becoming more optimistic that the Fed will cut rates this afternoon. The Fed decision is set for 2:15 PM Eastern.

Crude oil futures for September delivery fell 0.5% to $76.67 a barrel.  Gold futures for December delivery fell 0.6% to $679.40 an ounce on Euro weakness this morning. Gold has been moving in the same direction as the Euro.

Around Asia, Shanghai's Composite hit new record all-time highs today adding 0.5% to 4,651.23, Hong Kong's Hang Seng fell 0.1% to 21,907.99, and Tokyo's Nikkei index closed flat at 16,921.77.

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Darren Wong
Associate Editor
darrenw@tradingmarkets.com

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