Stocks have fallen early on after markets overseas sustained sizable hits.
Dow Jones Industrial Average
was down 53 to 8027. The
was down 10 to 1039, while the
Nasdaq Composite Index
was down 16 to 1718 and the
was down 3 to 363.
The 30-year Treasury bond was recently up 21/32 to 106 27/32, yielding a record-low 5.05%.
The early losses came after an overseas selloff as investors dumped equities on disappointment about the Fed's slight slicing of short-term interest rates yesterday. Also weighing on the market was more bad news out of Japan. The
In a move to "cushion" the nation's economy against weakness in overseas economies and "less accommodative financial conditions domestically," the
Federal Open Market Committee
yesterday sliced the federal funds target rate by 25 basis points, to 5.25%.
The Fed, in a statement, said the target should now "be consistent with keeping inflation low and sustaining economic growth going forward."
The FOMC left the discount rate unchanged at 5%.
Some analysts believe yesterday's rate cut was only the beginning of a series of rate cuts to help keep the U.S. economic engine rolling as it fights off a global economic slowdown that has already put a dent in corporate profits.
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Most Up at Open -- Nasdaq
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in the S&P 500 today, following Dresser's completed $7.7 billion merger with
Most Down at Open -- NYSE
Telebras (TBR) , down 2 17/32 to 128 31/32