Author: 123jump.com Staff
123jump.com
Last Update: 4:29 PM EDT May 09 2007
The Fed kept the federal funds rate at 5.25%, unchanged since June 2006. Investors gave a boost to stocks hoping the Fed would cut rates by year-end. OfficeMax jumped 8.3%. Cisco posted a 34% quarterly profit rise and shares slid 6%. News Corp. lost 2.1%. Alltel advanced 2%. Rio Tinto climbed 11% amid market speculation that BHP Billiton launched a takeover offer for it. Toyota forecast slowest profit growth in ten years.
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