Stocks rise on Wall Street after China cuts rate
Stocks rose on Wall Street today after China cut its benchmark lending rate in another bid to boost its slowing economy, but an early rally faded after Federal Reserve Chairman Ben Bernanke gave no signal of immediate action to prop up the US economy.
Most China stocks rose on speculation the nation's equities are undervalued relative to earnings and US President Barack Obama's expected jobs proposal may boost the world's biggest economy.