UPDATE

The dollar rose from a 15-year low against a basket of currencies on Wednesday as investors bet the Federal Reserve's interest rate cut on Tuesday will help boost a slowing U.S. economy.

U.S. Stocks rallied for a second day on Wednesday as investors bet the Federal Reserve's aggressive rate cut would help prevent an economic slowdown. Housing-related stocks such as home builders and mortgage finance companies were among the biggest percentage gainers in the S&P 500, a day after the Fed cut the benchmark interest rates by a half-percentage point.

Oil slipped on Wednesday after setting a record high above $82 a barrel, with dealers eyeing a diminishing storm threat to oil rigs in the Gulf of Mexico.

Stocks rallied for a second day on Wednesday after an aggressive U.S. rate cut soothed concern the U.S. economy would slip into recession, stirring demand for riskier investments and killing demand for safe-haven bonds.