Fed Action

The Fed lowered rates another quarter point today. Investors expected this to happen. All day long, indexes were up around 1% in anticipation. So what happened to the gains after the expected announcement? Well, it came with a caveat. They DID lower rates, but they cautioned investors that this would be the last for a while. As a result, the gains evaporated, and all indexes headed into the red. Microsoft is still considering Yahoo's offer. DJIA -11.81 NASDAQ -13.30 S&P 500 -5.35