Wall Street up 1%, China move keeps rally alive

The Dow Jones industrial average rose 132.45 points to 12,547

U.S. stocks rose 1% at the open on Thursday after the Chinese central bank cut bank lending and deposit rates, fueling hopes of simultaneous action to aid a flagging global economy.

The Dow Jones industrial average rose 132.45 points, or 1.07%, to 12,547.24. The S&P 500 Index gained 13.57 points, or 1.03% to 1,328.70. The Nasdaq Composite added 26.02 points, or 0.91%, to 2,870.74.

The surprise move by China's central bank comes a day after hopes of more stimulus by central banks drove U.S. stock indexes up more than 2% in a sharp turnaround from recent heavy losses.