Updated from 4:11 p.m. EDTU.S. stocks finished a hectic Wednesday on the downside 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%. The Dow Jones Industrial Average, which traded erratically in a 433-point range during the day, ended down 189.01 points, or 2%, to 9258.10, marking another five-year record-low close. The S&P 500 lost 11.29 points, or 1.1%, to 984.94, and the Nasdaq fell 14.55 points, or 0.8%, to 1740.33.