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:
The Dow Jones Industrial Average
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Stocks broke out of their narrow trading range after a Sina.com 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.
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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.
-- By Andrea Tse in New York