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Stocks fly on Fed cut

Posted : Tue, 18 Mar 2008 20:22:02 GMT
Author : Reuters
Category : US (Business)
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NEW YORK (Reuters) - Stocks rallied on Tuesday, sending the broader market to its biggest one-day advance in more than five years, after a deep interest rate cut and solid results from two top investment banks calmed credit market concerns.

Based on the latest available data, the Dow Jones industrial average <.DJI> jumped 420.41 points, or 3.51 percent, to unofficially close at 12,392.66.

The Standard & Poor's 500 Index <.SPX> unofficially finished up 54.14 points, or 4.24 percent, at 1,330.74 -- a rise that marked its biggest one-day advance since October 2002.

The Nasdaq Composite Index <.IXIC> racked up its biggest one-day surge since March 2003, unofficially ending up 91.25 points, or 4.19 percent, at 2,268.26.

(Reporting by Ellis Mnyandu; Editing by Jan Paschal)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


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