After enduring their worst session since the depths of the financial crisis, US equities have seen a halt in the sell-off and added more than 100 points.
At 14.45 pm the Dow Jones stood at 10,938, up 150 points, or 1.20%. How its was a volatile opening half hour, with the Dow giving up an initial gain of 130 points, only to resume its upward momentum minutes later.
Futures had been pointing towards a pause in the sell-off during Tuesday's trade, as fearful investors await a decision from the Federal Reserve on rates and additional easing.
With around two hours before the opening bell the index was pointing towards a 1.8% rise on hopes that the US rates will include details on a new round of quantitative easing. Also consumer sentiment was given a boost by oil's dip beneath $100 a barrel, a six month low.
The prospect of a more upbeat session across the pond has also raised hopes of an end to the equities sell-off in the UK, leading the FTSE 100 to climb to 5,086 after spending much of the session below the 4,900 for most of the day and 20% below its July peak.
Gold has also soared higher, climbing to $1,763 an ounce, after reaching $1,749 an ounce earlier in the day.
Morning rally led by miner Antofagasta
The brief FTSE rally was led by Chile-based miner Antofagasta. By 8.16am they had risen by steep double figures, before slumping into negative territory once again.
FTSE futures had pointed to a 355 point-loss at the opening bell, and the rocky start to the session hints traders are in for another tumultuous day.
Topping the FTSE's biggest fallers leaderboard was Royal Bank of Scotland, which just before 9am had shed 4.95%, pulling its price down to 26.24p. Old Mutual and Schroders also endured significant losses following the start of this morning's session, dropping in the region of 3% each.
As trade progressed, investors continued to flee from equities the world over, with virtually every index being dragged into the red. Germany's DAX 30 had shed 4.45% by 9.40am, while France's CAC had lost 3.26%.