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TheStreet Open House

Stock Market Today: What Sparked the Big Afternoon Rally

NEW YORK (TheStreet) -- U.S. stock markets were popping Tuesday afternoon on reports China is injecting large-scale stimulus to its top banks and the Federal Reserve might preserve the dovish language of its policy statement.

Watch the video below for a closer look at how U.S. markets are doing in midday trading Tuesday:

WATCH: More market update videos on TheStreet TV

 The Dow Jones Industrial Average rose 0.52% and the S&P 500 increased 0.77%. The Nasdaq advanced 0.61%.

Read More: Why the Fed Should Hold Off Signaling Higher Rates for Now

Stocks broke out of their narrow trading range after a report said the People's Bank of China is using its standing lending-facility to boost liquidity in the country's five biggest banks by 500 billion yuan ($81 billion). Also, the Wall Street Journal's Jon Hilsenrath reported that the Fed may be keeping its "considerable time" wording on near-zero interest rates in Wednesday's policy projections.

Read More: How Facebook Can Generate More Ad Revenue at Higher Prices

Commodity ETFs picked up traction on renewed stimulus bets. The SPDR Gold Trust (GLD) was up 0.21%. The United States Oil Fund (USO) rose 2%.

In Tuesday's individual stock news, Alibaba, the e-commerce giant, raised the price range of its initial public offering because of strong demand to $66 to $68 a share, up from its previously set range of $60 to $66 apiece.

UPS (UPS) edged up 0.14%. The shipping giant said it expects to hire between 90,000 and 95,000 seasonal employees to support the anticipated holiday surge in package deliveries that will begin in October and continue through January 2015.

Sears (SHLD) has entered into a $400 million secured short-term loan with CEO Edward Lampert's hedge fund to be used for general corporate purposes. The stock tumbled 6.47%.

Hertz (HTZ) fell 0.73% as the car company said it has agreed to appoint three new members approved by billionaire investor Carl Icahn to its board.

United Airlines (UAL) reached a deal with the flight attendants' union to offer up to $100,000 in severance for workers who leave the company. The stock was up 0.38%.

Read More: September 16 Premarket Briefing: 10 Things You Should Know

-- By Andrea Tse in New York

Follow @AndreaTTse

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