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Wall Street manages tentative advance after emergency rate cut by Fed, other central banks

NEW YORK (AP) -- Wall Street managed a tentative advance Wednesday as investors questioned whether an emergency interest rate cut would be enough to revive credit markets and ward off a global recession.

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Stocks dropped sharply at the opening of trading, with many investors still taking a bleak view of global financial markets, in particular credit markets that remain stagnant. Some bounceback in stocks was to be expected after the Dow Jones industrials plunged 875 points in two days -- the question was whether some investor optimism was in fact beginning to take hold.

Many traders had expected that the Federal Reserve would eventually come through with a rate cut to help revive the credit markets.

The Federal Reserve and four other central banks cut interest rates by a half-point aimed at restoring 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.

Stocks also got a boost on fresh signs that the housing industry 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 rose 146.95, or 1.56 percent, to 9,594.06.

Broader indexes also advanced. The Standard & Poor''s 500 index rose 19.20, or 1.93 percent, to 1,015.53. The Nasdaq composite index was up , or 1.87 percent, to 1,002.26. The Nasdaq composite index was up 35.22, or 2.01 percent, to 1,790.10.


Mỹ đánh nhau to quá vừa tăng 1,56% giờ lại giảm 0.5% roài. Đêm nay DJ mà ko tăng thì sáng mai cả châu á lại đỏ lửa

MarketWatch
U.S. stocks mixed after coordinated rate cuts around the globe
Wednesday October 8, 10:45 am ET
By Kate Gibson

NEW YORK (MarketWatch) -- U.S. stock indexes turned mixed on Wednesday following a five-session losing streak after the Federal Reserve axed interest rates in a synchronized move with other central banks in another effort to stem the panic freezing of the credit markets.

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The Fed cut its key lending rate by half a percentage point, bringing it down to 1.5%.

The European Central Bank trimmed its key refinancing rate to 3.75% from 4.25%, while the Bank of England cut its rate to 4.5% from 5%. China''s central bank slashed its one-year benchmark lending and deposit interest rates, while the Bank of Japan sat out the moves, but issued a statement backing the actions, which also included rate cuts by the Bank of Canada, the Swiss National Bank and the Swedish Riksbank. See full report .

"If we have big sell-off into the morning with strong volume, I''d like to see a sharp high volume turnaround. If we do get that, buyers will begin stepping in," said Robert Pavlik, chief investment officer at Oaktree Asset management.

"What we need is for sellers to get exhausted - capitulation - and the bargain hunters reappearing to step in and pick up the pieces," said Pavlik.

Off more than 200 points at the start, the Dow Jones Industrial Average (DJI:^DJI - News) was more recently down 28.12 points at 9,418.99, with 15 of its 30 components trading lower.

The biggest laggard among the blue chips proved to be aluminum giant Alcoa Inc. (NYSE:AA - News) , which fell 14.6% after kicking off the third-quarter earnings season with a gloomy assessment of its last three months. Read more .

Bank of America Corp. (NYSE:BAC - News) shares fell 7.7% after the company priced a secondary offering of common stock below its closing price, with the move diluting existing shares by about 10%. Read story .

American Express Co. (NYSE:AXP - News) and J.P. Morgan Chase (NYSE:JPM - News) fronted blue-chip gains, with shares of the former up 2.9% and the latter rising 3.1%.

Off the Dow, shares of MetLife Inc. (NYSE:MET - News) also took a hit, down 12.8%, after the insurer''s late Tuesday announcement that it would sell 75 million shares to bolster its capital. MetLife also withdrew its prior forecast, saying current conditions make projections difficult. Read Financial Stocks.

Financial services company Principal Financial Group Inc. (NYSEFG - News) fell 15%, while KeyCorp (NYSE:KEY - News) fell 14.4%.

The S&P 500 gained 3.55 points to 999.78, while the technology-laden Nasdaq Composite (COMP - News) declined 6.26 points to 1,761.14.

Health care and materials led sector gains among the S&P''s 10 industry groups, while energy and financials fronted losses.
Home sales rise

The National Association of Realtors reported an index of sales contracts on previously owned U.S. homes climbed 7.4% in August from the prior month.

Volume on the New York Stock Exchange neared 343 million, and for every two stocks on the rise, three were sliding. On the Nasdaq, 287 million shares traded, and decliners ran just ahead of advancers.

A rally in gold futures continued as investors sought a refuge from inflation, with gold for December delivery gaining $31.1 to $913.1 an ounce on the New York Mercantile Exchange. See Metals Stocks .

Overseas, Asian markets crumbled as investors alarmed by deteriorating financial markets dumped stocks to raise cash, sending several indexes to multi-year lows. Read Asia Markets.

In London, shares rebounded from near five-year lows. See London Markets.

On Wednesday, U.S. stocks declined for a fifth session straight, prolonging a sharp sell-off that had the S&P 500 ending at a five-year low.


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