The Federal Reserve slashed rates by 50 basis points on Wednesday, bringing the fed funds rate to 3%. The Dow was up triple digits intraday, but closed the trading session down 37 points. The Nasdaq finished down 9 points and the S&P 500 closed down 6 points.Water was thrown on the post-Fed rally after Fitch Ratings downgraded FGIC, Ambac ( ABK) and MBIA ( MBIA). Guy Adami told investors to buy bank stocks like Wachovia ( WB) on any dips.
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