Updated from 7:00 a.m. EST
Never fight the
The Fed announced that it had reduced the federal funds rate to a range of 0 to 0.25%. This was bigger than expected, and it sent stocks skyrocketing.
The Fed also announced that it would do anything necessary to spur the economy and help us through this recession.
Meanwhile, in stocks,
reported on Tuesday that its third-quarter profit sank 77%. The nation's biggest consumer electronics retailer blames changes in consumer spending as a result of the recession. Best Buy also said it will offer massive buyout packages to about 4,000 employees.
In the financial industry,
, widely regarded as the premier investment bank on Wall Street, reported on Tuesday its first quarterly loss since it went public in 1999. It reported losing $2.3 billion during its fiscal fourth quarter. The Wall Street firm lost $4.97 per share in the quarter ended Nov. 30.
But the Fed was the news of the day, sending stocks across the board up huge, including
With this in mind, we thought we'd take a look at some of the stocks people have been searching for on
and see what
To read more,
In Wednesday trading, Best Buy recently traded at $28.51 per share (up 3% for the day and almost 38% month-to-date). Meanwhile, Intel, Microsoft and Cisco were all down in midday trading (recent data below):
Intel: $15.33/share (-1.98%/day)
Microsoft: $19.91/share (-0.99%/day)
Cisco: $16.99 (-2.47%/day)
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