Key Indexes Wax as Fed Lowers Interest Rate
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
More bullish news could lie ahead, following a day when every major index surged after the Federal Reserve Bank cut its key interest rate by half a point — its most aggressive rate reduction in four years.
The market was already buoyant yesterday on news that Lehman Brothers Holdings Inc. posted better than expected third-quarter results. Lehman Brothers, which reported a net income loss of 3.2%, was the first of several large investment banks with earnings releases this week, and analysts expect others to post stronger earnings.
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