Stocks soar on Fed rate cut
AP
Published: December 16, 2008
Stock prices closed sharply higher on Wall Street.Published: December 16, 2008
The Dow Jones industrial average rose 359 points to 8,924.14. Gainers on the New York Stock Exchange outnumbered losers by a nearly 6-to-1 margin. The Nasdaq Composite Index gained 81 points at 1,589.89. And the S&P 500 Stock Index was up 44 points at 913.18.
Trading volume on the New York Stock Exchange totaled 5.6 billion shares. Volume on the Nasdaq Market came to 2.1 billion shares.
Surprised investors jumped at the Federal Reserve's historic decision to slash its target for a key interest to a record-low range and took comfort from the central bank's pledge to use "all available tools%
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