28 June 2001, 12:48  US Stocks Frozen After FOMC Decision

U.S. shares showed little reaction to a quarter-point interest rate cut by the Federal Reserve Wednesday, as disappointment over its size was balanced by expectations for inter-meeting rate relief should the outlook for corporate profits continue to weaken. The Nasdaq Composite ended up 10.12 at 2074.74, nearly unchanged from its level just prior to the Fed's 2:15 p.m. ET announcement. The Dow Industrials ended down 37.64 at 10,434.84, about 50 points lower following the announcement. Across the country, commercial banks announced a cut in their prime rate following the FOMC announcement, to 6.75% from 7%.

© 1999-2022 Forex EuroClub
All rights reserved