Wall Street ended another erratic session mostly higher Tuesday as investors, waiting for the Federal Reserve’s next move to steady the markets, made few big commitments to stocks.
Comments from policymakers and government officials tugged at a market looking for any evidence the Fed will cut rates to help contain the credit crisis that began with the failure of subprime loans.
The Fed has taken a number of steps to prop up the nation’s financial institutions ahead of its scheduled Sept. 18 meeting, including injecting more liquidity into the banking industry and cutting the discount rate. But many on Wall Street want the Fed to do more, including lowering the more important federal funds rate, and to do it before next month’s meeting. [MORE]