New York--Jan. 31--U.S. stocks were mostly lower after a brief attempt at a rally on the heels of the as-expected 50 basis point rate cut by the Federal Reserve. The Dow was ended up 7.33 points at 10,888.53 and the Nasdaq ended down 65.42 points to 2772.93. Both indexes were modestly higher prior to the rate announcement. Many traders had been looking for a "sell on the news" effect, as the decision had already been priced into the market; but the Fed's indication that it stands ready to take even more action may be supporting the market.