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The Federal Reserve slashed rates by 50 basis points on Wednesday, bringing the fed funds rate to 3%. The Dow was up triple digits intraday, but closed the trading session down 37 points. The Nasdaq finished down 9 points and the S&P 500 closed down 6 points.
Water was thrown on the post-Fed rally after Fitch Ratings downgraded FGIC, Ambac(ABK Quote) and MBIA(MBIA Quote).
Guy Adami told investors to buy bank stocks like Wachovia(WB Quote) on any dips.
3 Stocks I Saw On TV |
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
|
|
DOWN
154.48
|
DOWN
19.14
|
DOWN
37.61
|
DOWN
0.48
|
10 Yr
3.23%
SPDR Gold
115.06
|
|
-1.48%
|
-1.72%
|
-1.73%
|
-1.46%
|
Data delayed 20 minutes |
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