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July 24, 2008 11:11:04 PM CDT

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Stocks Up on Fed's Rate Cut

Posted Oct 31, 07 3:46 PM CDT in Business 

(Newser) – Stocks rose today on the heels of the Fed's quarter-point cut of a key interest rate and good news about the GDP. "The Fed may be done here," a Boston strategist told Bloomberg. "We don't need them anymore, and the market is taking consolation in that." The Dow was up 137.54 to 13,930.01, the Nasdaq 42.41 to 2,859.12, and the S&P 18.36 to 1,549.38.

This makes October the third straight month of market gains, notes Bloomberg. Energy shares were up after crude oil hit $94.50 a barrel following a report that showed low US inventories. Exxon and Microsoft made big gains on hopes of continued consumer spending, and Kraft shares rose on a strong third-quarter profit report.

Sources Bloomberg, Wall Street Journal, CNN, Financial Times (UK)

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Traders on the floor of the New York Stock Exchange watch as the Fed interest rate is announced Wednesday afternoon Oct. 31, 2007. The Federal Reserve, confronted with surging oil prices and a slumping...   (Associated Press)
Traders Earl F. Counter, left, and Lance C. Frericks signal in the Standard & Poor's 500 futures pit at the Chicago Mercantile Exchange in Chicago on Wednesday, Oct. 31, 2007. The Federal Reserve, confronted...   (Associated Press)
Traders Michael Arenson, left, and Mark Frank react in the Standard & Poor's 500 futures pit at the Chicago Mercantile Exchange on Wednesday, Oct. 31, 2007. The Federal Reserve, confronted with surging...   (Associated Press)
Trader Anthony M. Mazur Jr. signals in the Standard & Poor's 500 futures pit at the Chicago Mercantile Exchange on Wednesday, Oct. 31, 2007. The Federal Reserve, confronted with surging oil prices and...   (Associated Press)
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