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« Prepare for Recession: Just in Case | Main | Ready for Recession? What Families Can Do »

August 22, 2007

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Wall Street applauds Fed's bigger-than-forecast cut
Dow up 2.5%; S&P 500 ahead 2.9%; Nasdaq Composite rises 2.7%
By Kate Gibson, MarketWatch
Last Update: 4:31 PM ET Sep 18, 2007Print E-mail Subscribe to RSS Disable Live Quotes
NEW YORK (MarketWatch) -- U.S. stocks surged Tuesday, sparking the Dow's greatest one-day rise in nearly five years, after the Federal Reserve gave Wall Street what it's been clamoring for, cutting benchmark interest rates even more than most analysts had predicted.
"The market is acting like [Federal Reserve Chairman] Ben Bernanke just cured cancer, and I can tell you, he didn't," said Art Hogan, chief market strategist at Jefferies & Co. "This is typical of the knee-jerk reaction to what we perceive to be good news."

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