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Market Update : 
Rate Cut, Earnings Propel Stocks
Author: 123jump.com Staff
123jump.com
Last Update: 7:17 PM EDT March 18 2008

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U.S. stock averages surged nearly 4% after a string of good news on earnings and the Fed decision to lower interest rate. The Fed lowered the benchmark rate by 0.75% to 2.25%. The sharp decline in rates lifted stocks that were already up in the morning, higher. Nasdaq and S&P surged above 4% and Dow added more than 3%. Goldman Sachs and Lehman Brothers earnings fell but beat the estimates. Visa prices its IPO at $44 per share and raised $17.9 billion to begin trading tomorrow.

 
Commodities, Metals, and Currencies

Crude oil decreased $0.62 to close at $108.80 a barrel for a front month contract, natural gas increased 3 cent to $9.44 per mBtu, and gasoline futures decreased 2.00 cents to close at 264.00 cents per gallon.

Gold decreased $21.00 in New York trading to close at $983.30 a ounce, silver closed down 10.5 cents to $19.85 per ounce, and copper for front month delivery decreased 2.05 cents to 372.60 per pound.

Wheat futures increased 32.50 cents in Chicago trading and closed at $11.64 per bushel. Sugar decreased 19.00 cent to 12.28 cents per pound. Soybean future closed up 4 cents to $13.07 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5648 and edged higher against yen to 100.24.
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