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Many on Wall Street Shrug Off Rate Cut --- Worries Over Economy Overshadow the Impact Of Full-Point Reduction
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Many on Wall Street Shrug Off Rate Cut --- Worries Over Economy Overshadow the Impact Of Full-Point Reduction
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Newspaper Article
Many on Wall Street Shrug Off Rate Cut --- Worries Over Economy Overshadow the Impact Of Full-Point Reduction
1991
Overview
The lowest short-term U.S. interest rates in 27 years gave Wall Street a boost on Friday. Yet with the nation's economy on its knees, many professional investors predict that stocks' gains won't last long. On Friday, the Federal Reserve lowered its discount rate, which it charges on short-term loans to banks and savings-and-loan institutions, by a full percentage point, to 3.5%. Altering this rate is the biggest gun in the arsenal of the Fed, which has fired the cannon six times since it began easing credit a year ago. Moreover, a full-point drop is a rare occurrence; this was the first one in 10 years. In response to the Fed's move, the Dow Jones Industrial Average gained 20.12 points on Friday, to 2934.48, in heavy volume. But even though the Fed acted more boldly than expected, the market hardly soared: In percentage terms, the industrial average increased only 0.7%, while the average issue on the New York Stock Exchange climbed 0.5%.
Publisher
Dow Jones & Company Inc
