U.S. Markets Open With a Steep Fall - New York Times
Stocks opened sharply lower on Wall Street Tuesday morning after markets fell around the world over the last two days. All the main indexes were down 3.5 percent or more.A surprise and large cut in interest rates by the Federal Reserve just a week before a regularly scheduled the meeting initially boosted futures prices Tuesday morning but the rally did not last. Futures traded on Chicago Mercantile Exchange pointed to a 4 percent drop in the Standard & Poor's 500 stock index and a 422 point, or 3.5 percent, drop in the Dow Jones industrial average. Markets in Europe, however, trimmed some of their earlier losses after the Fed move.In an apparent bid to head off a big sell-off in American markets, which were closed Monday in observance of Martin Luther King's birthday, the Fed lowered its target for the federal funds rate on overnight loans between banks to 3.5 percent, from 4.25 percent.
Stocks opened sharply lower on Wall Street Tuesday morning after markets fell around the world over the last two days.
All the main indexes were down 3.5 percent or more.
A surprise and large cut in interest rates by the Federal Reserve just a week before a regularly scheduled the meeting initially boosted futures prices Tuesday morning but the rally did not last. Futures traded on Chicago Mercantile Exchange pointed to a 4 percent drop in the Standard & Poor's 500 stock index and a 422 point, or 3.5 percent, drop in the Dow Jones industrial average. Markets in Europe, however, trimmed some of their earlier losses after the Fed move.
In an apparent bid to head off a big sell-off in American markets, which were closed Monday in observance of Martin Luther King's birthday, the Fed lowered its target for the federal funds rate on overnight loans between banks to 3.5 percent, from 4.25 percent.
CAC40 : 4.842,95 +2,08% at 22/01 16:52
I'm no market expert. Does somebody know why European markets are in better shape today? A free fox in a free henhouse!
