Stock Market Dismisses Global Rate Cuts

Updated from 11:06 a.m. EDT

U.S. stocks continued to fluctuate 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 similar 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 registering losses. The Dow Jones Industrial Average was lately down 186 points to 9260, and the S&P 500 was off 23 points at 973. The Nasdaq gave back 39 points to 1715. ...