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Active stock trading today after the Fed announced rate cuts of half a percentage point – Fed-funds lowered rates for the first time since 2003 to 4.75% while the discount rate stands at 5.25%.
The PPI announced today with a decrease of -1.4% sighting decreases in energy costs and food prices as catalysts for the decline. Food prices fell -0.2%. Gasoline prices down -13.8% and producer prices for energy down -6.6%.
Major Indexes closed as follows: DJIA up 2.51% rising 335.97 closing at 13739.39. Nasdaq up 2.71% rising 70.00 closing at 2651.66. The S&P 500 up 2.92% closing at 1519.78. The 10-Yr Note down -6/32 with an end of day yield at 4.489%.
On the NYSE 3,033 stocks in the green, 341 in the red with a total volume of 1.37b shares traded.
Crude oil prices inching toward $85 per barrel closing today settling today about $81 per barrel.
Banks and broker/dealers’ shares exploded upward with LEH up 9/5%, GS up 6.4%, MS up 6% and BSC up 3.3%
For the text of the Fed statement
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