US STOCKS-Wall Street's sharp rally loses its edge

martes 25 de agosto de 2015 15:12 GYT
 

* U.S. market loses some of its early gains

* China cuts interest rate for second time in two months

* Apple up 5.1 pct, Best Buy jumps 15.48 pct

* Nine of the 10 major S&P sectors higher

* Indexes up: Dow 1.95 pct, S&P 1.81 pct, Nasdaq 2.49 pct (Updates to late afternoon trade)

By Noel Randewich

Aug 25 (Reuters) - Wall Street rallied on Tuesday as investors bought beaten-down stocks a day after fears about China's economy sent the market into its worst slump in four years.

Investors drove prices sharply higher from the opening bell but caution set in by the afternoon due to lingering concerns that a slowdown in China could hobble global growth, even after the country's central bank cut interest rates on Tuesday for the second time in two months.

"(It's) just investor confusion," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "They are trying to figure out what the slowdown in China means to the global economy," he said.   Continuación...