New U.S. single-family home sales rebounded in July and consumer confidence increased to a seven-month high in August, pointing to underlying strength in the economy that could still allow the Federal Reserve to raise interest rates this year.
The dollar jumped one percent against a basket of major currencies on Tuesday and recovered from seven-month lows against the safe-haven yen and euro as riskier assets got a boost from an interest rate cut by the Chinese central bank.
Today certainly appears to be a corrective move both domestically and abroad following yesterday`s dramatic near record-setting selloff in the equity index markets. With the Dow down nearly 1200 points at one time and the S&P 500 off nearly 150 points, the market was headed for the single worst day in history before some furious buying staved off that dubious title.
China's central bank cut interest rates and lowered the amount of reserves banks must hold for the second time in two months on Tuesday, ratcheting up support for a stuttering economy and a plunging stock market that has sent shockwaves around the globe.
Nasdaq is poised to launch a platform for foreign exchange trading which it says would make the $5 trillion-a-day global market more transparent and would diversify its own business, a top executive from the stock market operator said.