NEW YORK — U.S. stocks surged in early trading Tuesday after China’s central bank cut its key interest rate in a bid to foster growth in the world’s second-largest economy.
The move erased some of the stock market’s heavy losses from Monday when concerns over a slowdown in China’s economy rattled global markets and knocked down the Dow Jones industrial average more than 588 points.
The Dow was up 332 points, or 2 percent, to 16,203 as of 11 a.m., while the Standard & Poor’s 500 index gained 42 points, or 2.2 percent, to 1,936.
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