Dow soars 889 points

Trading on the floor of the New York Sto
After a roller coaster day, Wall Street rallied on Tuesday to close almost 900 points for the day.
DON EMMERT/AFP/Getty Images

Wall Street has made another big late-day move.

The Dow was about 900 points higher at the closing bell. Bargain hunters were on a rampage, in anticipation of a Federal Reserve rate cut tomorrow. They grabbed stocks that have been pounded lower in recent sessions.

Investors looked past news of a sharp drop in consumer confidence. Instead, they're focusing on expectations that the Fed will cut its fed funds rate by half a point to 1 percent.

The market did fluctuate after the Conference Board said its index of consumer confidence has fallen to 38 in October, well below the 51 analysts expected.

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