Stock Market Dismisses Global Rate Cuts

Before the internationally coordinated rate cuts, conditions were looking dire Wednesday. As evidence of a worldwide slowdown piled up, European governments struggled to put together their own rescue plans. The U.K. government set up an $87 billion rescue package for U.K. banks.

Stateside, investors faced the final day of trading with the Securities and Exchange Commission's temporary ban on short-selling of more than 900 financial stocks.

As for company news, The Wall Street Journal reported Citigroup(C Quote) is looking for partners in its buyout of Wachovia(WB Quote). Citi and Wells Fargo(WFC Quote) had earlier agreed to cease their buyout battle for Wachovia until noon Wednesday.

Bank of America (BAC Quote) also concluded a common stock offering, raising $9.8 billion after expenses at $22 a share, lower than the stock's Tuesday closing price of $23.77.

After announcing a capital raise the previous day, insurance firm MetLife (MET Quote) announced it was reducing its work force by an unspecified amount as it copes with the tough lending environment.

To kick off earnings season, aluminum processor and Dow component Alcoa(AA Quote) reported a decline in third-quarter profit thanks to rising costs and softening demand.

Bulk retailer Costco (COST Quote) said its fourth-quarter profit rose year over year, but nevertheless fell short of Wall Street estimates.

Discount stores Wal-Mart (WMT Quote) and Costco announced decent September sales figures but fell shy of analyst estimates. Target's (TGT Quote) September revenue decline was wider than the Street had expected.