Wall Street has the interest rate cut it wanted, but still turned in a baffling late-day performance, shooting higher and then skidding lower in the very last minutes of trading as some investors rushed to cash in profits after the market's big advance.
The Dow Jones industrials were up nearly 280 points in the last quarter hour of the session, giving them a two-day gain of more than 1,160 points, when another bout of last-hour volatility wiped out the advance. Some analysts said hedge funds were cashing in their gains, while others said some investors were giving a bleak interpretation to the Federal Reserve's statement on the economy that accompanied its half-point rate cut.
The Dow is down 74 points at the 8,890 level. The broader market indexes have ended the day mixed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus