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Monday, January 14, 2008
Another rate cut?
Rumors of steep rate cut by the Federal Reserve spread Monday, pushing stocks up and the dollar down. The Fed has a very hard job right now, but I think the market is saying it thinks they are up to the task," said Don Wilson, chief executive of DRW Trading Group. The Fed's current rate is down to 4.25% and many are expecting another half a percentage-point cut. Overall, it was a good day, and it seemed as if investors temporarily put concerns aside.
DJIA +171.85 Nasdaq +38.36 S&P 500 +15.23