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Financial stocks started off generally dragging lower on Wednesday amid the usual slew of bad news, but the Federal Reserve's 50-basis-point interest rate cut this afternoon spurred the sector choppily higher along with the rest of the market.
Recently, the NYSE Financial Sector Index was up 0.6% at 7,969.19, and the KBW Bank Index gained 0.3% at 86.81.
Today's rate slashing comes on the heels of last Tuesday's giant three-quarter-point cut, which was an emergency response to the prior day's fear-ridden worldwide market plunge. ...
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