Click to play videoNew York/New Delhi: The US markets rallied on Tuesday morning, joining markets around the world as investors picked up beaten-down shares on hopes that the Federal Reserve will cut rates again.
The Dow Jones Industrial Average posted its second-best point gain ever.
Investors are using the five-year lows as an opportunity to get back into stocks.
The Dow Jones gained by 889 points to close at 9,065. The Nasdaq, too, gained by 9.5 per cent to close at 1,649 whereas the Standard & Poor's 500 gained 91.59 points to 940.50.
"October has had a bad reputation so far. Dow had its second biggest point gain ever. Housing prices are low for a 25-month in succession. There's no other explanation for the buying spree, except bargain hunting. A survey has shown that consumer confidence is low," CNN's Susan Lisovicz reports from New York.
Meanwhile, getting over the global meltdown witnessed in the last few weeks, the New Year Samvat 2065 started on an optimistic note on Tuesday for the Sensex.
Sensex gained nearly six per cent to close at 9,008, while the Nifty ended at 2,684, up by 160.
The Asian markets also ended their losing streak and closed in the green.
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