Wall Street Feeling Giddy
The Dow has been pretty quiet throughout the day but in the past hour, the index has moved up sharply, evidently in anticipation of a Fed rate cut anticipated at about 2:15 p.m. today.
With about 10 minutes to go before 1 p.m., the Dow is up about 75 points, slightly off a surge that sent it up more than 100 points moments ago.
The S&P 500 is a little more than half of 1 percent, and the Nasdaq is up nearly 1 percent.
If the Fed does go through with its widely anticipated rate cut, the markets likely will continue their climb. But if the cut is not what Wall Street is expecting, or Fed Chairman Ben Bernanke says troubling things, the past hour's Dow rise only means it has farther to fall.
-- Frank Ahrens
Posted by: TomIII | October 29, 2008 1:45 PM | Report abuse
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