Breaking News - Stocks Fluctuate After Emergency Global Coordinated Rate Cut
Breaking News
Stocks Fluctuate After Emergency Global Coordinated Rate Cut
AP
Stocks rise tentatively after rate cut
Wednesday October 8, 10:33 am ET
By Joe Bel Bruno, AP Business Writer
Wall Street manages tentative advance after emergency rate cut by Fed, other
central banks
NEW YORK (AP) -- Wall Street fluctuated in early trading Wednesday as
investors questioned whether an emergency interest rate cut would be enough
to revive credit markets and ward off a global recession. The major indexes
moved in and out of positive territory, reflecting investors' uneasiness and
lack of direction.
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Stocks initially plunged as the rate cut by the Federal Reserve and other
big central banks failed to convince investors that credit markets that have
been nearly paralyzed for weeks would soon relax. Stocks then moved higher,
but some bounceback after the Dow Jones industrials fell 875 points this
week was to be expected -- the question was whether any optimism was in fact
beginning to take hold, or whether the gains were due to bargain-hunting.
Many traders had expected that the Fed would eventually come through with a
rate cut to help revive the credit markets.
The Fed cut interest rates by a half-point, trying to restore confidence in
the market and help end the global financial crisis. The central bank said
in a statement that the market turmoil posed a further threat to an already
shaky economy; it was joined in the rate cut by the European Central Bank,
Bank of England, The Bank of Canada, the Swedish Riksbank and the Swiss
National Bank.
But the market was well aware that interest rate changes take months to work
their way through the economy, and while they clearly were happy with the
central banks' actions, they were also well aware that in the near term,
banks remain highly reluctant to lend because of fears they won't be paid
back.
That fear, which increased after the failure of Lehman Brothers Holdings
Inc. in mid-September, has all but shut down the credit markets, making it
increasingly hard for companies and individuals to borrow, and in turn,
posing a further threat to the economy.
Stocks did draw some support Wednesday from signs that the housing
industry -- whose troubles set off the series of events leading to the
current credit problems -- might be faring better than expected. The
National Association of Realtors said pending home sales for August jumped
unexpectedly, rather than falling 1.8 percent as had been predicted. Pending
sales, which reflect signed contracts, rose 7.4 percent in August from an
upwardly revised reading of 87 in July.
In midmorning trading, the Dow fell 79.01, or 0.84 percent, to 9,368.10.
Broader indexes also advanced. The Standard & Poor's 500 index fell 2.14, or
0.21 percent, to 994.09. The Nasdaq composite index was down 1.53, or 0.09
percent, to 1,753.35.
--
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Breaking News - Stocks Fluctuate After Emergency Global Coordinated Rate Cut 
08-10-2008, 17.43.14
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