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Market Still Partying After Cut

Posted Sep 19, 07 9:36 AM CDT in Business 

(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.

When news of the cut hit yesterday, the Dow surged 2.5%, its biggest one-day increase since 2003. International markets, too, felt the love, with the Nikkei 225 up 3.7%. Meanwhile, the Fed got some justification for its cut, when the Labor Department announced a 0.1% drop in consumer prices, a sign that inflation is under control.

Source Wall Street Journal

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A television screen in a booth on the floor of the New York Stock Exchange shows the rate decision of the Federal reserve, Tuesday, Sept. 18, 2007. The Federal Reserve cut a key interest rate, Tuesday,...   (Associated Press)
A television screen in a booth on the floor of the New York Stock Exchange shows the rate decision of the Federal reserve, Tuesday, Sept. 18, 2007. The Federal Reserve cut a key interest rate, Tuesday,...   (Associated Press)
Trader Mark G. Jones, center, works in the Eurodollar Options pit on the floor the Chicago Mercantile Exchange after the Federal Reserve cut its benchmark interest rate by a larger than expected half...   (Associated Press)
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