Stocks Down After Fed Cuts Rate
Stocks closed down across the board with the 1/4 point rate cut announcement from the Fed. A large intraday DJIA rally was sparked initially by the cut, then further Fed comments clearly signaled a pause in rate cuts. A volatile day to say the least.p>
The Dow loss -11.81, the Nasdaq Composite rose -13.30 , and the S&P 500 fell -5.35.
General Motors
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PowerRating) had its largest gain in 3 years on the back of lower than expected losses. GM gained as much as 14% in NYSE trading.
Citigroup
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PowerRating) falls on $4 billion share sales. This dilutes the value of the shares causing a drop of 3.4% today adding to 2008’s losses.
Loblaw
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PowerRating) (Canada) rockets up, as the Canadian supermarket chain posts its largest gain in more than 20 years. Announcing its intention to take on Wal-Mart Stores.
Starbucks
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PowerRating) Announced a sharp curtailing of store openings at the close. The stock is reacting very positively on the news.
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