Fed Cuts Rates, Stocks Close Higher
Stocks closed higher on Wednesday, as the Federal Reserve cut interest rates by 25 basis points. Earlier in the day, the Commerce Department reported third quarter U.S. GDP rose by 3.9% (full story).
The markets initial reaction to the Fed’s decision saw the Dow completely erase an 80-point gain, before a strong ensuing rally.
Kraft Foods
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PowerRating) announced Q3 profit fell by 20% and backed its full-year 07 outlook (read more).
Boyd Gaming
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PowerRating) reported a profit in in Q3, despite an 8% decline in revenues (read more).
Meanwhile, MasterCard
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PowerRating) reported revenue rose by 20% (read more).
Google
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PowerRating) rose above $700 a share for the first time (full story).
Crude oil continued its march towards $100 per barrel, hitting a record high above $94 today.
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