Tuesday, January 22, 2008

Stocks dive, then rebound after Fed cut (AP)



The main trading floor of the New York Stock Exchange is is seen in this photo made by zooming the lens during exposure Tuesday Jan. 22, 2008. An unusual emergency interest rate cut by the Federal Reserve gave Wall Street a partial rebound Tuesday from a precipitous early decline ? and perhaps the first steps toward a long-term recovery. The Dow Jones industrial average, down 465 points shortly after trading began, bounced around throughout the session before closing with a milder drop of 128.11, or 1.06 percent, at 11,971.19. (AP Photo/Richard Drew)AP - The opening bell hadn't even sounded on Wall Street when the Federal Reserve announced an emergency interest-rate cut. The Dow Jones industrial average fell 465 points ? including 300 in the first minute ? then rebounded to finish down a more bearable 128.




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