Rates Hit Zero, Stocks Surge, Dollar Dips
The Federal Reserve surprised the market today by dropping interest rates to a range of 0 to 25 basis points. This is the lowest rate in U.S. financial history.  The Central Bank stated that it would use all the tools available to jump start the ailing economy with buying debt as the next step. Stocks surged upward on the news and the U.S. Dollar dropped hard against the Euro. The DJIA advancing +359.61 to 8924.14, the Nasdaq soaring +81.55 to 1589.89 and the S&P 500 climbing +44.61 to 913.18.
Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating) – Climbed 7.09% or $1.00 to $15.11/share despite an analyst’s dire prediction of a price drop.
Best Buy
(
BBY |
Quote |
Chart |
News |
PowerRating) – Surged 18.24% or $4.28 to $27.75/share after announcing its cost cutting plans.
Federal Agricultural Mortgage
(
AGM |
Quote |
Chart |
News |
PowerRating) – Farmer Mac led the Russell 2000 higher with a explosive 38.46% or $1.20 increase to $4.32/share after raising $50 million from issuing stock and retiring debt.
Smith & Wesson
(
SWHC |
Quote |
Chart |
News |
PowerRating) – The famous gun maker missed analyst’s estimates falling 13.11% or 0.35cents to $2.32/share.
Oil drop 0.91 cents to $44.15, gold climbed $6.20 to $842.70 and the fear gauge VIX index 7.73% to 52.37.
| Market Snapshot | |||||||||||||
|
| Economic News |
|||
|