Indexes Recover Major Losses on Fed Rate Cut
Following an international meltdown on Monday, fueled mostly by U.S. economic
worries, the U.S. Fed cut the Fed benchmark rate by .75 points, bringing the
rate to 3.5%. The Dow fell over 450 points to start the day, but the major
indexes rallied on the rate cut news to reclaim some major losses.
Ambac
(
ABK |
Quote |
Chart |
News |
PowerRating) rallied just under 30% after reporting its
biggest-ever loss, and announcing plans to receive financial aid from outside
parties to recover sub-prime losses (full
story).
Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating) fell 7.6% on speculation that tomorrow’s earnings
report will bring major negative news (full
story).
Perini
(
PCR |
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Chart |
News |
PowerRating) rallied 14% after reaching an agreement with
financier Deutsche Bank related to the construction of the Cosmopolitan resort
in Las Vegas (full
story).
Waters
(
WAT |
Quote |
Chart |
News |
PowerRating) fell about 20% today after reporting profit numbers
that missed analyst expectations.
Crude oil futures fell around 1% to close well under $90 a barrel, while gold
rallied 1.6% on the negative market atmosphere.
PowerRating Charts are now live! Click here to launch them.
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