Global stocks rally on Fed outlook

Global stocks rally on Fed outlook
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Aug. 8 - U.S. stocks rose sharply in early Wednesday trade, on the heels of a global rally, as investors went on a buying spree one-day after soothing comments from the Federal Reserve.

Mortgage applications rose sharply last week, which coincided with a sharp drop in interest rates.

Meanwhile, technology bellwether Cisco Systems further boosted sentiment with strong quarterly results and a robust global outlook.

Conway G. Gittens reports from New York.

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