Stocks Soar on Interest Rate Cut

The Federal Reserve cut a key interest rate by three-quarters of a point Today, continuing its battle to end a spreading credit crisis. Wall Street reacted with open arms having its single biggest day in five years.

The NASDAQ Composite finished up 4.19% to a close of 2268.26, the S&P 500 finished up 4.24% to a close of 1330.74, and the Dow Jones finished up 3.51% to a close of 12393.

Key interest rates meanwhile have hit a low not seen since 2004 at 2.25%. Where the Feds go from here is anyone’s guess, but with this interest rate cut alongside the coming stimulus package a boost, if temporary, should be seen in the economy.