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Market Update : 
Rate Cut Soar Stocks, Gold; Record Low Dollar
Author: 123jump.com Staff
123jump.com
Last Update: 4:57 PM EDT September 18 2007

Stocks in New York soared after the aggressive rate cut of 50 basis points by the Fed. The preemptive action is expected to prevent economy from sleeping to receission, but may add to long term inflation. After the rate cut stock market jumped more than 2.5% but gold jumped 1.6% to a 27-year high. Oil closed at third record close in a row. Dollar fell 1.6% against euro, record low close. Brazil surged 4.5% and the Bank of England added liquidity to the systems after refusing to do so for weeks.

 

 

 
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