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Financial stocks were rallying Thursday, as the market liked the Federal Reserve's rate cut and accompanying statement better after sleeping on it a night, as well as positive earnings and M&A news from several companies.
The rate-setting Federal Open Market Committee on Wednesday cut the federal funds rate a quarter point to 2%, as expected. The accompanying statement, however, was vague in its hints about the central bank's next move and stocks finished the day down slightly.
On Thursday, they rallied across the board and the NYSE Financial Sector Index closed up 208.52 to 7,942.77. ...
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