Stocks Soar on Interest Rate Cut
The Federal Reserve cut a key interest rate by three-quarters of a point Today, continuing its battle to end a spreading credit crisis. Wall Street reacted with open arms having its single biggest day in five years.
The NASDAQ Composite finished up 4.19% to a close of 2268.26, the S&P 500 finished up 4.24% to a close of 1330.74, and the Dow Jones finished up 3.51% to a close of 12393.
Key interest rates meanwhile have hit a low not seen since 2004 at 2.25%. Where the Feds go from here is anyone’s guess, but with this interest rate cut alongside the coming stimulus package a boost, if temporary, should be seen in the economy.
Related Stories
POSTED IN: Market
2 opinions for Stocks Soar on Interest Rate Cut
Around the Business Channel: Week in Review
Mar 22, 2008 at 10:46 pm
[…] Stock Soar on Interest Rate Cut […]
b5media - Recession? What Recession?
Mar 31, 2008 at 4:51 am
[…] at Property Crossroads shares a bit of good housing news. Blain at Talk Stock Trading reports that stocks reacted favorably to interest cuts - that’s something, […]
Have an opinion? Leave a comment: