Stocks ended lower after a volatile session in which the Reserve cut interest rates by half a percentage point.
The final hour of trading didn’t disappoint with its wild swings today: After being up more than 200 points in the final 15 minutes, the Dow ended down more than 80 points.
The Fed cut its target for the federal-funds rate to 1 percent, the lowest level in four years, and left the door open to further rate cuts, saying “downside risks to growth remain.”
It was another volatile day on Wall Street, with stocks rallying ahead of the Federal Reserve’s decision on interest rates, then pulling back after the central bank announced it would cut a key interest rate by half a percentage point, then swinging in the opposite direction in the final hour.
The Dow Jones Industrial Average ended down more than 80 points. The S&P 500 also ended lower while the Nasdaq eked out a gain.
(Source: CNBC)
