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US stocks jump after heavy sell off

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New York: US stocks rebounded sharply on Tuesday, as investors sought out bargains after the Dow Jones Industrial Average’s worst three-session drop. At midday, the Dow Jones Industrial Average surged 384.62 points (2.42 percent), to 16,255.97. The S&P 500 gained 46.94 points (2.48 percent), to 1,940.15. The Nasdaq Composite Index spiked 153.63 points(3.39 percent), to 4,679.88. The Nasdaq Composite Index leapt more than 3 percent as Chinese stocks such as JD.com and Baidu led advancers. Shares of Alibaba, the Chinese e-commerce giant, rose 4.18 percent in the early trading.

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The People’s Bank of China (PBOC), China’s central bank, announced Tuesday a cut in the reserve requirement ratio (RRR) and lower key interest rates. Wall Street cheered the move, which was described in a PBOC statement as “promoting restructuring” to “stabilize the real economy. “Investors also kept an eye on new home sales and US consumer confidence index. US sales of new single-family houses in July were at a seasonally-adjusted annual rate of 507,000, said the Commerce Department Tuesday.

US consumer confidence index for August came in at 101.5, up from 91.0 in July, according to the New York-based research group Conference Board Tuesday. US stocks plunged on Monday, with the Dow Jones Industrial Average diving more than 500 points, as a rout in global markets continued to intensify. All three major Wall Street indexes fell into correction mode over the past two sessions. The CBOE Volatility Index, often referred to as Wall Street’s fear gauge, soared 45.34 percent to end at 40.74 on Monday.

(IANS)

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US Offering Rewards Upto $10mn for Information on Lebanon Hezbollah Finances

The payments will be made by the State Department's Rewards for Justice program, which until now has focused on offering cash rewards for information that leads to the capture of wanted terrorists

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lebanon hezbollah
FILE - Hezbollah fighters parade in a southern suburb of Beirut, Lebanon, Nov. 12, 2010. VOA

The United States is offering a reward of up to $10 million for information that disrupts the finances of Lebanon’s Hezbollah militant organization.

The U.S. State Department announced the award Monday, saying it would be paid to those who give information about major Hezbollah donors and financiers as well as businesses that support the organization and banks that facilitate the group’s transactions.

The payments will be made by the State Department’s Rewards for Justice program, which until now has focused on offering cash rewards for information that leads to the capture of wanted terrorists.

lebanon hezbollah
The United States is offering a reward of up to $10 million for information that disrupts the finances of Lebanon’s Hezbollah militant organization. Pixabay

Hezbollah was designated as a foreign terrorist organization by the State Department in 1997.

ALSO READ: Sri Lanka Blames ‘National Thowfeek Jamaath’ Islamist Group for Series of Attacks

The Shi’ite group, backed by Iran, has recently been increasing its influence on Lebanon’s government. It has also been growing its regional clout, including sending fighters to Syria to support President Bashar al-Assad.

The State Department said its Rewards for Justice program has paid more than $150 million to more than 100 people for giving information that helped brings terrorists to justice or prevented acts of terrorism. The program began in 1984. (VOA)