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New Feds make large rate cut
[link|http://money.cnn.com/2007/09/18/news/economy/fed_rates/index.htm?postversion=2007091815|CNN]
The Federal Reserve cut the target on a key short-term interest rate by a half of a percentage point Tuesday to 4.75%, further acknowledgment from the central bank that the mortgage meltdown plaguing Wall Street and Main Street could have a negative impact on the economy.

Stocks surged following the announcement, with the Dow gaining nearly 250 points, or 1.8 percent. The S&P 500 and Nasdaq both shot up more than 2 percent. Bonds fell, sending the yield on the benchmark 10-year U.S. Treasury up to 4.5 percent.

Most people where planning for a .25% or 0% change, a .5% cut is a big move for this rate. Stocks shot up on the news, while the dollar dropped.

Jay
New Any day with +335 (2.5%) Dow and +70 NASDAQ (2.7%) Is a...
good day on the stock market!
Alex

Nobody has a more sacred obligation to obey the law than those who make the law. -- Sophocles (496? - 406 BCE)
     Feds make large rate cut - (JayMehaffey) - (1)
         Any day with +335 (2.5%) Dow and +70 NASDAQ (2.7%) Is a... - (a6l6e6x)

Cococabanana Blaps - It's not just for breakfast anymore!
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