A big rally on Wall Street at the opening bell on Friday as U.S. stocks take a cue from gains in Europe and Asian. The Dow Jones Industrial is up more than 100 points. The People's Bank of China cut its benchmark interest rates for the first time in more than two years. China's moves follow the European Central Bank's steps to add stimulus. The ECB said it has started buying asset-backed securities. European markets also gained after ECB's president Mario Draghi reiterated dovish comments. The Gap (GPS) is falling after reporting weakening sales. The parent company of Old Navy and Banana Republic also cut its earnings outlook for the year. AT&T (T) will pay California $52 million dollars as part of a settlement involving illegal dumping of hazardous waste.