US stocks surge on interest rate cut

Redwing · 19th Sep, 2007

US stocks surge on interest rate cut | NEWS.com.au Business

Another interesting day ahead

US stocks jumped the most in four years overnight after the Us Federal Reserve slashed interest rates by a half point to stem a housing slump and credit-market turmoil.
The cut in the Fed's benchmark short-term rate, the first in four years, was more aggressive than many investors had expected.

The market responded by pushing the S&P 500 to its biggest percentage gain since March 2003. It was the blue-chip Dow average's best one-day percentage gain since 2003.

The Dow Jones Industrial Average skyrocketed 335.89 points (2.51 per cent) to 13,739.31 just after the market closed and the tech-heavy Nasdaq advanced 70.00 points (2.71 per cent) to 2651.66.
The broad-market Standard & Poor's 500 index rose 42.95 points (2.91 per cent) to 1519.60, according to preliminary figures.

The New York Stock Exchange said it instituted upside trading curbs as stocks sharply extended gains after the Fed's decision.

The benchmark federal funds rate now stands at 4.75 per cent, its lowest level since May of last year.

The S&P index of financial shares rose 4.5 per cent. Bank profits benefit when there's a reduction in short-term interest rates, or their borrowing costs, and an increase in their long-term lending rates.

Citigroup's stock advanced 5.2 per cent to $48.44, while JPMorgan's shares climbed 5.6 per cent to $47.82, both on the NYSE.
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MJK__ · 19th Sep, 2007

Keep the good times coming we may be back at 6400!

MJK

Tropo · 19th Sep, 2007

MJK said: ↑

Keep the good times coming we may be back at 6400!

MJK
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6400 is not good enough!
We need to see XJO close at/above 6445/55

MJK__ · 19th Sep, 2007

Yes you are right. I was looking at the XAO rightly or wrongly.

MJK

bundy1964 · 19th Sep, 2007

Hong Kong Hang Seng +977.79 +3.98%
Hong Kong HSCC Red Chip +255.61 +5.16%
Japan Nikkei 225 +579.74 +3.67%
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Our neighbours were even more happy about it than we were.

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US stocks surge on interest rate cut

Redwing Well-Known Member

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US stocks surge on interest rate cut

Redwing Well-Known Member

Attached Files:

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