Markets Jump on Fed Move

Rallies continue off of big Federal Reserve rate slash

(NEWSER) - Wall Street kept the party going today, as the Federal Reserve’s half-point rate cut kept pushing stocks up. Financials even shrugged off disappointing earnings from Morgan Stanley, which posted a more-than-expected 17% drop in net income for the quarter, the Wall Street Journal reports. The Dow rose 58.04 points in early trading, with the S&P gaining 9.97 and the Nasdaq up 19.03. More»

(NEWSER) - Stocks dipped today on worse-than-expected information about consumer sentiment, the Wall Street Journal reports. A Reuters index dropped 3 points instead of the anticipated 2-point rise. A downward spiral has been evident since the Fed announced it would not raise interest rates Wednesday. “A day like today has been long overdue,” said an observer. The Dow was off 76.79 and closed 9,321.40. The S&P sank 8.64 to 1,004.09, and the Nasdaq lost 23.83 to end at 1,985.52. More»

(NEWSER) - Markets were mixed today as positive economic indicators and surging tech stocks battled with a Fed announcement that interest rates would be held near zero, the Wall Street Journal reports. The Dow lost early momentum, but the Nasdaq flourished. “We’ve basically come through a panic phase,” an analyst said of tech buying. The Dow was off 23.05 to 8,299.86. The S&P rose 5.84 to 900.94. And the Nasdaq gained 27.42 to 1,792.34. More»

(NEWSER) - Markets fell today after the Federal Reserve warned of a more prolonged recession than it previously expected, the Wall Street Journal reports. Financials and tech contributed to the plunge, which even a 6-month high in oil prices could not stop. “We’re just dealing with a stock market that was defying gravity,” a broker said. The Dow was off 52.81 to 8,422.04. The S&P fell 4.66 to 903.47. The Nasdaq lost 6.70, ending at 1,727.84. More»

2008 finishes as the worst year for the Dow since 1931

(NEWSER) - Weary relief that 2008 was finally over greeted the final bell at the New York Stock Exchange yesterday, but shaken investors worry about what 2009 holds, the New York Times reports. The final tally confirmed that the year was the worst for stockholders since the Great Depression. Stock plunges across the board wiped out the gains of the previous 6 years, erasing $7 trillion in wealth. More»