• A fund manager looks at screens displaying activities of shares on the French Stock Exchange, in a financial analysis office in Paris, France, Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day, hitting an eight-month low amid signs Beijing was no longer buying shares to stem a price slide, and Japanese stocks also dropped. But other Asian and European markets bounced back from a day of heavy losses.(AP Photo/Francois Mori)

    A fund manager looks at screens displaying activities of shares on the French Stock Exchange, in a financial analysis office in Paris, France, Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day, hitting an eight-month low amid signs ... Beijing was no longer buying shares to stem a price slide, and Japanese stocks also dropped. But other Asian and European markets bounced back from a day of heavy losses.(AP Photo/Francois Mori) (The Associated Press)

  • People watch Indian stock market indices on a display screen on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day, hitting an eight-month low amid signs Beijing was no longer buying shares to stem a price slide, and Japanese stocks also dropped. But other Asian and European markets bounced back from a day of heavy losses. (AP Photo/Rafiq Maqbool)

    People watch Indian stock market indices on a display screen on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day, hitting an eight-month low amid signs ... Beijing was no longer buying shares to stem a price slide, and Japanese stocks also dropped. But other Asian and European markets bounced back from a day of heavy losses. (AP Photo/Rafiq Maqbool) (The Associated Press)

  • Fund managers look at computers in a financial analysis office in Paris, France, Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day, hitting an eight-month low amid signs Beijing was no longer buying shares to stem a price slide, and Japanese stocks also dropped. But other Asian and European markets bounced back from a day of heavy losses.(AP Photo/Francois Mori)

    Fund managers look at computers in a financial analysis office in Paris, France, Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day, hitting an eight-month low amid signs Beijing was no longer buying shares to stem a price slide, ... and Japanese stocks also dropped. But other Asian and European markets bounced back from a day of heavy losses.(AP Photo/Francois Mori) (The Associated Press)

The Latest: Wall Street forecast to open sharply higher after Chinese interest rate cuts

Energy Associated Press

The latest on the global financial market turmoil (all times local):

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8:00 a.m.

Wall Street futures are rallying further after China's central bank cut interest rates to support its economy.

Dow futures are up 600 points, or 3.8 percent, while the broader Standard & Poor's 500 futures are up 72.8 points, or 3.9 percent.

The jump follows a stomach-churning day on Monday, when the Dow plunged more than 1,000 points at one point before finishing down 588.40 points, or 3.6 percent. The Standard & Poor's 500 index slid 77.68 points, or 3.9 percent, into "correction" territory — jargon for a drop of at least 10 percent from a recent peak. The last market correction was nearly four years ago.