Wall St has best day in 4 years

Wall St racked up its biggest one-day gain in four years yesterday as fears about China’s economy gave way to bargain hunters emboldened by expectations the US Federal Reserve might not raise interest rates next month.

Led by Silicon Valley stalwarts Apple, Amazon and Google, the surge put the brakes on a six-day losing streak that saw the S&P 500 surrender 11%.

In a sign that a faltering Chinese economy and slumping global financial markets could affect US monetary policy, New York Fed president William Dudley said the prospect of a September rate hike seemed “less compelling” than it was just weeks ago.