Wall Street traded mixed Wednesday after the U.S. Federal Reserve cut interest rates.
The Fed cut a key interest rate by half a percentage point to 1.0 percent to prevent the economy from slipping into deep recession.
"The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures," said the Federal Reserve in a statement.
The Fed also reiterated that it expects government steps, including its own efforts to increase liquidity, to improve credit market conditions and the economy over time.
The U.S. Commerce Department reported Wednesday that orders for durable goods rose by 0.8 percent, surprising economists who had expected a drop.
The Dow Jones Industrial Average was down 74.16, or 0.82 percent, at 8,990.96. The S&P 500 index fell 10.42, or 1.11 percent, to 930.09, and the Nasdaq composite index advanced 7.74, or 0.47 percent, to 1,657.21.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article