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Dow Down 74 After Volatile Day

Late rally evaporates after Fed confirms cut, but most of Tuesday's gains are preserved

By Nick McMaster,  Newser Staff

Posted Oct 29, 2008 3:19 PM CDT
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(Newser) – Volatility ruled Wall Street today as investors waffled in their response to the expected Fed rate cut, MarketWatch reports. Though the session’s final hour saw the Dow rocket to a 250-point gain in light trading, that evaporated and the Dow closed down 74.16 at 8,990.96. The Nasdaq, however, finished up 7.74 at 1,657.21, while the S&P 500 lost 10.42 to close at 930.09.

“We're due for a slowdown in the volatility,” one fund manager told the Wall Street Journal, “but who knows when that will actually come?” The central banks of China and Norway also reduced interest rates, with the Bank of England, Bank of Japan and others expected to follow suit next week.

A TV screen in a booth on the floor of New York Stock Exchange shows the rate decision by the Federal Reserve today.
A TV screen in a booth on the floor of New York Stock Exchange shows the rate decision by the Federal Reserve today.   (AP Photo)
Federal Reserve Chairman Ben Bernanke, as expected, lowered the target interest rate to 1%.
Federal Reserve Chairman Ben Bernanke, as expected, lowered the target interest rate to 1%.   (AP Photo)
Traders on the floor of New York Stock Exchange read comments after the rate decision by the Federal Reserve today.
Traders on the floor of New York Stock Exchange read comments after the rate decision by the Federal Reserve today.   (AP Photo)
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NASDAQ • Federal Reserve • Dow Jones • General Motors • European Central Bank • Bank of Japan • Bank of England • federal funds rate • S&P 500 • financial crisis

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