Recouping over half of the losses it suffered during the latest crash, the US stock markets recovered encouragingly on Wednesday and Thursday making it a biggest two-session rally since 2008 economic crisis. Wall Street on Thursday recovered over two percent taking total gains including Wednesday's recovery to biggest two-day rally since 2008 economic crisis.

During the past two sessions, the Dow Jones Industrial Average rose 6.3 percent, S&P 500 index 6.4 percent and Nasdaq added 6.8 percent. The Wall Street is set to open on a weak note after hefty two-day recovery. 

The encouraging US economic data coupled with indications that interest rate hike unlikely in September boosted the market sentiment fuelling fresh bout of rally on Wall Street.

New York Stock Exchange's (NYSE) Dow Jones on Thursday gained 2.27 percent to close at 16,654.77 points. S&P 500 index added 2.43 percent and closed at 1,987.66 points.

Nasdaq Composite Index gained 2.45 percent to 4,812.71 points. Dow Jones recorded biggest two-session rally in terms of percentage since 2008, while S&P 500 and Nasdaq Composite scored biggest two-session increase since 2009.

Gainers outnumbered losers by 2,803 to 324 on NYSE. 2,209 stocks on Nasdaq rose, while 638 fell on

Thursday. Market analysts feel that though The Wall Street surpassed the worst phase, it takes some more time to get back to normalcy as there's still some possibility of downward risk. 

After the recovery on Wednesday and Thursday, S&P 500 index has recovered half of the 11 percent loss it suffered during the past six-day worst meltdown streak following the fears of China economy slowdown, its currency devaluation, discouraging manufacturing numbers. 

With New York Fed President William Dudley indicating that September interest rate hike became less compelling, the downfall on Wall Street was arrested on Wednesday. Encouraging data about the US economy released on Thursday further fuelled the market rally stronger. 

Now, the situation is that it's US economy versus the global economy. Traders and investors are optimistic about the future course of the market rally as analysts give only 25 percent chances to interest rate hike by Fed. 

The US Federal Reserve has kept the interest rate at near zero level since the economic crisis in 2008. This helped the Wall Street rally to historic levels until the latest turmoil triggered by global factors. 
The forthcoming annual conferences of global central bankers are expected to provide some valuable cues on interest rates. 

The two-day rally took 10 sectors in S&P500 basket further higher. 

Oil price was steady on Friday recovering marginally from the six-and-half-a-year low as the Wall Street rally, encouraging US economic data and low crude supplies from Nigeria helped the energy market. Oil price was hovering $47.56 a barrel.