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