Newsgroup: it.economia.borsa
Titolo: Breaking News - Stocks Fluctuate After Emergency Global Coordinated Rate Cut

Breaking News
Stocks Fluctuate After Emergency Global Coordinated Rate Cut
AP
Stocks rise tentatively after rate cut
Wednesday October 8, 10:33 am ET
By Joe Bel Bruno, AP Business Writer
Wall Street manages tentative advance after emergency rate cut by Fed, other 
central banks
NEW YORK (AP) -- Wall Street fluctuated in early trading Wednesday as 
investors questioned whether an emergency interest rate cut would be enough 
to revive credit markets and ward off a global recession. The major indexes 
moved in and out of positive territory, reflecting investors' uneasiness and 
lack of direction.
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Stocks initially plunged as the rate cut by the Federal Reserve and other 
big central banks failed to convince investors that credit markets that have 
been nearly paralyzed for weeks would soon relax. Stocks then moved higher, 
but some bounceback after the Dow Jones industrials fell 875 points this 
week was to be expected -- the question was whether any optimism was in fact 
beginning to take hold, or whether the gains were due to bargain-hunting.
Many traders had expected that the Fed would eventually come through with a 
rate cut to help revive the credit markets.
The Fed cut interest rates by a half-point, trying to restore confidence in 
the market and help end the global financial crisis. The central bank said 
in a statement that the market turmoil posed a further threat to an already 
shaky economy; it was joined in the rate cut by the European Central Bank, 
Bank of England, The Bank of Canada, the Swedish Riksbank and the Swiss 
National Bank.
But the market was well aware that interest rate changes take months to work 
their way through the economy, and while they clearly were happy with the 
central banks' actions, they were also well aware that in the near term, 
banks remain highly reluctant to lend because of fears they won't be paid 
back.
That fear, which increased after the failure of Lehman Brothers Holdings 
Inc. in mid-September, has all but shut down the credit markets, making it 
increasingly hard for companies and individuals to borrow, and in turn, 
posing a further threat to the economy.
Stocks did draw some support Wednesday from signs that the housing 
industry -- whose troubles set off the series of events leading to the 
current credit problems -- might be faring better than expected. The 
National Association of Realtors said pending home sales for August jumped 
unexpectedly, rather than falling 1.8 percent as had been predicted. Pending 
sales, which reflect signed contracts, rose 7.4 percent in August from an 
upwardly revised reading of 87 in July.
In midmorning trading, the Dow fell 79.01, or 0.84 percent, to 9,368.10.
Broader indexes also advanced. The Standard & Poor's 500 index fell 2.14, or 
0.21 percent, to 994.09. The Nasdaq composite index was down 1.53, or 0.09 
percent, to 1,753.35.
-- 
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Quando l'ultimo albero sarà stato abbattuto,
l'ultimo fiume avvelenato,
l'ultimo pesce pescato,
l'ultimo animale libero ucciso...
Vi accorgerete che non si può mangiare il denaro.
(Nativi Cree). 

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