Fed’s 11
The Fed cut rates by 25 basis points to 1.75% and maintained an easing
bias. Today’s cut was the 11th this year — the fourth since Sept. 11 — and the
rate has now reached its lowest level in 40 years. The next meeting is Jan. 30.
After gapping up this morning, the indices traded in typical pre-Fed fashion,
then popped, only to pull back into the close.
The Dow fell 35.22 to 9886.23; the Nasdaq gained 9.73 to 2001.85;
the S&P lost 3.51 to 1136.43.
eBay
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estimates. EBAY gained 3.10 to 70.10.
Nokia said their Q4 would come in at the high end of estimates, and the stock
responded by jumping 8% to 25.50.
Merck
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lower than the high expectations. The company said it is comfortable with a
$3.12 to $3.15 range. Trading resumed, and Merck hit a 21-month low, closing
down 6.29 to 60.70.
The Healthcare Index
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average, and below a trendline.
Nokia
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Christmas sales of Internet phones. NOK rose 1.97 to 25.76 and made a two-month
high.
In a busy IPO week, Aramark
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Kroger
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slid 3.38 to 19.92.
Xilinx
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sector with it. XLNX rose .94 to 41.55.
General Motors
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down three plants after suppliers, protesting the company’s delayed payments,
stopped shipping parts. GM has a controlling interest in Daewoo. GM fell 1.69 to
48.65.
Bear Stearns said Yahoo
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internet sector has been strong of late. YHOO was up .60 to 18.42.