Oil-producing nations in and out of OPEC are beginning to rattle their sabers again about production cuts. That helped oil rise about 3.50% on the session.

The first print of July employment data shows an extremely strong labor market, one that can see sustained growth for some time, and one that just might be the harbinger of meaningful inflation in the near future.

The biggest news of the day emanated from London where the Bank of England lowered its overnight rate to 0.25%, lowest ever. The central bank also announced other various stimulus measures that hover around the £170 billion.