NEW YORK (AP) - March 18, 2008
The Federal Reserve cut interest rates three-quarters of a
percentage point, and indicated it is continuing its close watch on
the economy and the troubled credit markets. And the news from
Goldman Sachs & Co. and Lehman Brothers Inc. reassured investors
that the investment banks are not likely to follow the in the path
of the stricken Bear Stearns Cos.
The Dow ended the day up about 420 points at the 12,392 level.
The S&P 500 added 54 points to 1,330. And the Nasdaq composite
surged 91 points to 2,268.
Advancing issues topped decliners by a commanding 8-to-1 margin.
Volume on the NYSE was 5.2 billion shares. Nasdaq stock market
volume was 2.3 billion.
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