Facebook, Google, Apple All See Big Jumps From Tuesday Stock Rebound
SAN FRANCISCO (KCBS) - The sun rose Tuesday, bringing with it a better looking day ahead for your retirement account.
Wall Street is rebounding after three bloody sessions, high-lighted by Monday's wild whispsaw action, and the Dow plunging by about 590 points, earlier in the day setting a record for an intraday point drop.
Local tech stocks were among the big gainers, with both Facebook (FB), Apple (AAPL) up more than $4 per share as of 10 a.m. Google (GOOG) double digits.
China is once again the prime reason for the action. The People's Bank of China finally did the expected and cut interest rates in Beijing's latest move to try and put the brakes on its own market meltdown.
The move didn't come early enough to rescue Chinese stocks, as the Shanghai was pummeled almost as badly as it was on Monday, and that's saying something.
The question going forward is whether the rate cut will help. A multitude of moves to this point have done zilch in inspiring investor confidence in the Chinese stock market.
Europe though liked the move, and as you may expect, so does Wall Street.