Stocks Churn on Global Rate Cuts

Updated from 10:00 a.m. EDT

U.S. stocks were fluctuating wildly Wednesday after the Federal Reserve authorized an emergency 50-basis point reduction in the fed funds rate.

The rate cut, which was coordinated with a cut by the European Central bank as well as lenders in Britain, Canada, Sweden and Switzerland, marks a significant step in efforts to stem a global economic slowdown and free up constrained credit markets. The Fed's rate cut reduces the target interest rate to 1.5%. The ECB reduced its key rate half a point to 3.75%, and the Bank of England cut rates 50 basis points to 4.5%.

Lately, the major indices were taking losses. The Dow Jones Industrial Average was lately down 140 points to 9307, and the S&P 500 was off 13 points at 982. The Nasdaq gave back 14 points to 1741. ...