3:30 pm : The market has found a new rally gear in the past half hour, greased by program trading activity that has carried the Dow more than 200 points higher in the last 30 minutes. The S&P and Nasdaq have followed suit, and now, all three major indices are on positive ground after being down sharply earlier in the day.

Buying efforts have been broad-based, but have been driven by a resurgence of buying interest in the financial sector (+6.5%) which is getting added support from short-covering activity following the Fed's surprise 75 basis point cut on Tuesday.