The Emerging Markets Had A Huge Day

Thailand's SET surged 2.5%.

Indonesia's Jakarta Composite jumped 2.6%.

Market pundits are pointing to the U.S. dollar, which is sliding in the wake of news that former Treasury Secretary Larry Summers pulled his name from the running to become the next Chairman of the Federal Reserve.

Many emerging markets have been watching their currencies tank as U.S. interest rates surge and investors pull their money from these markets.

"Summers, a former Treasury secretary, would tighten Fed policy more than Janet Yellen, who was his main rival to replace Chairman Ben S. Bernanke, according to a Bloomberg Global Poll last week," reported Bloomberg's Harry Suhartono.