Triple digit rally for Dow on hopes of rate cut

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CNBC's Darby Dunn has given US markets highlights for the day's trade.

A triple digit rally for the Dow as confidence builds that the US Federal Reserve will cut interest rates and it is meeting next week.

Fed Chairman Ben Bernanke however gave no clue about the Fed's next move during a speech in Berlin. In addition to optimism about lower rates stocks rose on upbeat outlooks from some tech companies and sizzling sales from the fast food giant and Dow component Mcdonalds. The Dow soaring 180 points that is a gain of 1.3%, 1.3% gain for the S&P 500, which went up 19 points and the Nasdaq jumped 38 points.

Imclone was a big mover on the Nasdaq, shares of Imclone jumping 18% after the company said the drug Erbitux improved survival rates in Lung Cancer.

And a change in leadership for Harward University is famed endowment. Mohd El-Erian who has for more than a year managed Harward's USD 35 billion endowments is resigning to return to work at Pimco, Pacific Investment Management Company. El-Erian will rejoin Pimco, one of the world's biggest fixed income managers, as Co-Chief Executive Officer and Co-Chief Investment Officer.

Wall Street Action

• Investors optimistic about Fed cutting rates
• Bernanke speech in Berlin gives no clue about next move
• Upbeat outlook from techs, good sales from Mcdonald
• Dow Soars 180 pts, S&P 500 gains 19 pts & Nasdaq up 1.4%
• Imclone shares jump 18%
• El-Erian will leave Harvard fund, return to Pimco