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Article: MARKETS GO APE ON FED NEWS
- Article from:
- United Press International
- Article date:
- January 3, 2001
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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United Press International
01-03-2001
Markets go ape on Fed news
WASHINGTON, Jan. 3 (UPI) -- The major averages took an enthusiastic leap in
trading Wednesday after sudden news of an unexpected rate cut by the Federal
Reserve, which cut the federal funds lending rate by 50 basis points dropping
the rate from 6.5 to 6 percent.
The Dow and the NASDAQ rocketed upwards after the early afternoon Fed
announcement, which came weeks before what had been the consensus conjecture of
a rate cut at the Fed's late January meeting.
The Dow Jones Industrial average went up by 299 points, or 2.8 percent, to close
at 10,945, down from its peak of 11,013 during the day, while the NASDAQ
Composite Index soared by 324 ...