The Dow Jones Industrial Average (INDEXDJX:DJI) is pointed sharply higher on news that the People's Bank of China cut interest rates for the first time in more than two years. The decision was spurred by weakness in the manufacturing sector and throughout the property market. Stateside, a pair of central bank officials -- Federal Reserve Governor Daniel Tarullo and New York Fed President William Dudley -- are scheduled to speak before the Senate Banking subcommittee on investigations this morning. Meanwhile, Foot Locker, Inc. (NYSE:FL) will step into the earnings confessional.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are about 119 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1.2 million call contracts traded on Thursday, compared to 631,602 put contracts. The resultant single-session equity put/call ratio fell to 0.55, while the 21-day moving average edged down to 0.61.
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