Volume on the Big Board was just over 1.9 billion shares, making it the second most active trading day in NYSE history. Nasdaq volume totaled 3.18 billion shares, marking that exchanges second-highest total ever. As a result of the announcement, Wyss believes the Fed will cut rates by 25 basis points at its May 15 policy meeting, rather than the previously expected 50-point easing. We still have to get through the next six months, which isn't going to be easy. Even with today's Fed-related euphoria, the question remains whether the market has bottomed.
Pundits argue both sides of the coin.
Treasury Markets Treasuries ended solidly higher following the surprise rate cut. Cites worldwide IT spending slowdown. The McGraw-Hill Companies Inc. All rights reserved.