Cheap money wins: S&P 500 rips 20 points higher

Central banks to the rescue

All the bears are getting chased out of town.

The S&P 500 is up 20 points to 2071 shortly after the open. The index gained 33 points yesterday and is trading at the highest since August 20.

The dovish talk from the ECB yesterday along with the surprise Chinese rate cut today has given that warm-and-fuzzy feeling to stock markets, and with good reason.

The S&P 500 is now up 0.8% year-to-date and just 30 points from erasing the August fall.