Another rate cut

The Federal Open Market Committee cut the federal-funds rate buy a quarter point, leaving it at 4.5%. All 3 major indexes thrived in wake of the Fed's decision, all finishing with a gain of over 1%. The announcement did not help everyone as housing stocks took a hit after the Fed noted the "intensification of the housing correction." Crude-oil futures settled at $94.53 a barrel, a new record close. DJIA +137.54 Nasdaq +42.41 S&P 500 +18.36