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Dow Zooms Above 9,000 on Eve of Expected Fed Rate Cut
U.S. equities rallied yesterday (Tuesday) as the U.S. Federal Reserve convened for the first day of a two-day meeting of its monetary policy committee.
At the New York close, all three major U.S. indices had sizeable gains:
- The blue-chip Dow Jones Industrial Average Index soared 889.35 points, an increase of over 10%, to close at 9,065.12.
- The tech-laden Nasdaq Composite Index jumped 143.57 points, an increase of 9.5%, to reach 1,649.47.
- And the broader Standard & Poor’s 500 Index shot up 91.59 points, an increase of over 10%, to settle at 940.51.
“The valuations are extremely compelling right now,” Dan Veru, who helps manage about…
29Oct2008 | Money Morning | Comments Off | Continued
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