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Market Update : 
Emergency Rate Cut, U.S. Stocks Decline
Author: 123jump.com Staff
123jump.com
Last Update: 5:28 PM EST January 22 2008

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The preemptive move by the Fed to lower interest rate by 0.75% was welcomed by investors. Market recovered from the morning loss of 4.5% in Dow, S&P 500, and Nasdaq. Three averages closed between 1% and 2% lower. Investors are now looking for additional rate cut. Retailers and bond insurance companies rallied but base metals and energy companies declined. European markets rebounded 2% and South American markets jumped 4% or more.

 
In South Korea Kospi Index decreased 74.54 or 4.43% to close at 1,609.02, in Thailand SET index closed lower 24.99 or 3.26% to 741.54, and Indonesia JSE Index edged decreased 191.36 or 7.70% to 2,294.52. Sensex index in India decreased 875.40 or 4.97% to 16,729.94.
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