| | DOW | 8990.96 |  | -74.16 | -0.82% | | | NASDAQ | 1657.21 |  | 7.74 | +0.47% | | S&P | 930.09 | | -10.42 | -1.11% | | | | | | Rate Cut Doesn't Give Stock Market Much of a Boost
Jeff Cox, CNBC.com
The stock market collected on its rate-cut IOU today from the Fed, but it didn't end up changing the mood on Wall Street.
Stocks rallied shortly after the Federal Reserve delivered on its anticipated half-point cut in the Fed funds rate. But as in previous sessions, the rally quickly reversed itself and stocks ended down for the day.
"Now that you've had that rally ... I think that most of the steam has been taken out of a post-Fed bounce," said Mike Burnick, director of research for Weiss Capital Management in Palm Beach Gardens, Fla.
He added that the market has been in a mode of "buy on the rumor, sell on the news" that was apt to lead to more selloffs.
As part of an aggressive strategy to push banks into more lending, the central bank has slashed its main lending rate to 1.0 percent, so it doesn't have much room left before it runs out of rate-cut ammunition.
While the market saw the rate move as necessary to help investor psychology, the impact is reduced by the real effect that it will have beyond market psychology... continued
| | | | US May Back $600 Billion Of Troubled Home Loans
US regulators are working on a new federal program that could provide government guarantees for up to $600 billion of home mortgages to help prevent foreclosures, a source familiar with the discussions told Reuters on Wednesday...read more | | |
| | Cramer: Watch Europe's Rates Now
Now that the Federal Reserve has cut interest rates to 1%, the U.S. has done virtually everything it can to claw its way out of the markets' troubles. Now, Cramer said during his regular Stop Trading! segment, Europe has to step up...read more | | |
| | Major Overhaul of Financial Regulations Is Expected
If the banking crisis of 2008 fails to do the trick, then there is little hope Washington will ever summon the will to reorganize its creaking, disjointed system of financial regulation. After years of failed attempts to modernize how the government oversees Wall Street and the banks, and with the U.S. election just days away, financial industry lobbyists and legislative aides were saying 2009 will likely be the year...read more | | |
| | 1. Bond Kings Grade the Fed 
Pimco's Bill Gross and Vanguard's Ken Volpert discuss the Fed's decision to cut the fed funds rate by a half-point. | | |
| | 2. Ross: I'm Buying Financial Services
Wilbur Ross, Chairman & CEO of WL Ross & Co. is putting money into financial services and municipal bonds. He shares what else he's buying with CNBC's Martin Soong, Amanda Drury and Sri Jegarajah. | | |
| | 4.Maria's Market Message
CNBC's Maria Bartiromo discusses the day's top business and financial news, and looks ahead to tomorrow's Closing Bell. | | |
| | CNBC.com BLOG OF THE DAY | |  |
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