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TRADER: These 2 things are giving stock market bulls a boost on Tuesday

Myles UdlandAug 25, 2015, 23:40 IST

Frank Cosenza relays a trade in the Euro Dollar pit at the Chicago Mercantile Exchange, after the Federal Reserve raised U.S. interest rates by a quarter percentage point for a fourth time this year, November 10, 2004.REUTERS/John Gress

Stocks are in rally mode on Tuesday.

After a sharp sell-off on Monday, stocks opened the day higher and while they are off their best levels of the day near 2:00 pm ET, the major US indexes are all higher by more than 1%.

In an afternoon email, Rich Barry, a floor governor at the New York Stock Exchange and one of the staunchest stock market bulls we know, cited two big catalysts behind the rally in Tuesday:

The People's Bank of China move to cut interest rates.
Goldman Sachs' note to clients that re-affirmed the bank's view that a global recession is not on the horizon.

"In other words," Barry wrote, "no need to panic."

Near 2:10 pm ET, the Dow was up 222 points.

investing.com

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