Great Stampede pushes Dow above 1,000 for first time since 1981
The Dow Jones Industrial Average surged 25.94 to 1,012.79 as investors poured into stocks on a broad rally sparked by the Federal Reserve's rate-cut signals. NYSE volume neared 139 million shares with 1,498 advancing and 290 declining among 2,019 issues traded.
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Wall Street sees Dow finally breach 1,000 again
The Dow Jones Industrial Average climbs 25.94 to 1,012.79 marking another peak above the 1,000 barrier. Analysts note the milestone’s psychological impact and its link to investor confidence during a strong bull market.
Holiday delays T-bill auction to today
Due to the Columbus Day holiday the weekly short term Treasury securities auction was postponed from Monday to today. Results impact interest on accounts linked to federal securities and will be reported in Wednesday's Gazette.
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Treasury
Alabama bank cuts prime rate amid Fed shift
A Southern bank lowered its prime rate to 12 percent after the Federal Reserve signaled a policy shift. Major lenders across the country planned further rate cuts this week as the Fed cut its discount rate, with economists predicting lower short term rates and a temporary change in policy.
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Gold and silver jump as signals point to lower rates
Gold rose significantly on signals that U.S. interest rates will fall, with prices climbing in New York and London to around 438.50 to 445.75 per ounce and silver up to about 9.56 per ounce. The dollar softened amid light trading as international markets paused for holidays in New York and Tokyo.
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