MIAMI, Jan. 22 (UPI) -- Latin American markets rallied Tuesday following the U.S. Federal Reserve's decision to slash interest rates by three-quarters of a percentage point.
In Brazil, the country's main stock index, the Bovespa, rose 4.45 percent following news of the largest interest rate cut in 25 years, O Globo TV reported. Brazil's stocks also were buoyed on news that the country had discovered what is believed to be a massive natural gas field offshore.
Colombia's markets also rebounded Tuesday with its stock index .IGBC up more than 5 percent by the end of the day, El Tiempo reported online.
In Mexico, the Bolsa index rose 6.4 percent Tuesday, the highest increase in a year and a half, according to analysts.
Latin American markets were down across the board over the last few days of trading on continuing concerns that the U.S. economy is heading toward recession.
