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Closing Bell: 10.08.07

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Sponsored by the Financial Times.
The Federal Reserve cares. Wall Street took that message and ran with it today, after the release of the official notes from Federal Open Market Committee’s September 18th meeting.
The Dow Jones Industrial Average jumped up 120.80 to 14164.53. Record high. Rah. Rah. The Standard & Poor's 500 rose 12.57 to 1565.15. Another record! The Nasdaq Composite Index gained 16.54 to 2803.91. Not quite a record high but climbing back toward the old dot com bubble levels. On the New York Stock Exchange Tuesday, 2,291 stocks rose and 997 declined, on volume of 1.18 billion shares traded on the exchange.
Interestingly, the FOMC’s notes seem to indicate that they didn’t buy those shocking—and, as it turns out, shockingly false—August employment numbers. Many Fedlinologists had assumed that it was those numbers that helped prompt the deeper than expected rate cut. So, the reasoning goes, if the bad numbers weren’t what drove the Fed in September to cut rates, the revised not-so-bad numbers shouldn’t discourage them from making future rate cuts.
Fire up the chopper!
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