Wall Street gains on 10th rate cut of year amid Fed optimism
The Dow rose 150.09 to 9591.12 and the Nasdaq climbed 41.43 to 1835.08 as investors bet Fed stimulus would help growth. Local stocks Wells Fargo Kohl s Procter Gamble Sealed Air Wal Mart posted modest gains while volume reached 1.67 billion shares.
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Fed cuts key interest rate to 2 percent in 40-year low
The Federal Reserve lowered the federal funds rate by 0.5 percentage point to 2.0 percent and the discount rate to 1.5 percent after a Sept. 11 economy shock. Banks like Bank One and M&T cut prime rates to 5.0 percent, signaling a broad easing to spur spending and curb recession fears.
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Nine States Ok Microsoft Settlement In Antitrust Case
Half of the 18 states suing Microsoft join the U S Department of Justice in a revised deal that could end major litigation. Judge Colleen Kollar Kotelly set hearings as nine states including New York Illinois North Carolina Kentucky Michigan Ohio Wisconsin Louisiana and Maryland approve the settlement.
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Harkin pushes methodical draft of $73.5 billion farm bill
Senate Agriculture Committee chair Tom Harkin aims for daily mark-up sessions to finish a five year farm plan worth $73.5 billion. He hopes to send a draft to leaders Daschle and Lott to decide if the full Senate acts before Thanksgiving week.
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Fed Cuts Rates Again Amid Slowing Economy
The Federal Reserve reduced the federal funds rate from 2.5 percent to 2.0 percent on Tuesday in an effort to bolster a slowing economy and avert recession fears.
HP Hewlett family opposes HP Compaq merger vote
Walter B. Hewlett says the Hewlett family will vote their 5 percent HP stake against the Compaq takeover arguing extensive integration risks and lack of shareholder benefits. HP officials stress the board remains committed to the merger and expects shareholder approval.
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Rockwell Collins Posts Q4 Loss on Aftershocks From Sept 11
Rockwell Collins reports a fourth quarter loss of 48 million after a 149 million asset impairment charge tied to in-flight entertainment units from Hughes and Sony TransCom. Despite a 16 percent sales rise to 816 million in the quarter, post–split results show weaker air transport demand. The firm plans a 34 million restructuring, including 28 million for severance, with 2,800 jobs cut. Pro forma full year earnings were 133 million before one-time charges. CEO Clay Jones cites market uncertainties but expects 1.15 to 1.25 per share in fiscal 2002 and 4 to 6 percent growth in government systems sales.
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