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US stocks rally ahead of quarterly closing

FXStreet (Mumbai) - The stock markets in the US rallied on Wednesday, taking cues from the strength in the global markets, heading into the quarterly closing.

Worst quarterly decline since 2011

The Wall Street suffered its worst decline this quarter since 2011. However, the losses are being trimmed today, although the move lacks a major fundamental catalyst. At the time of writing, the Dow Jones index was up more than 200 points, while the S&P index was up 30 points. The Nasdaq also added around 90 points.

Confusion regarding where the Federal Reserve interest-rate policy is heading combined with worries of a China slowdown put the benchmark on track for its worst quarter since 2011. The Federal Reserve held back from raising interest rates on Sept. 17, citing global market turmoil and a slowdown in China.

Since then the policymakers at the Fed tried to talk up the 2015 rate hike bets. However, the markets seem unconvinced with just 41% probability of a rate hike happening in December. CME Fed watch data shows a 25 basis point rate hike happening only in March 2016.

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