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US cuts interest rates
- Thursday, January 31 - 2008 at 06:55
The US Federal Reserve cut interest rates by a half-percentage point on Wednesday as part of an ongoing effort to halt an economic slowdown, reported Reuters. The Fed's action, the second cut in over a week, lowered the bellwether federal funds rate to 3%, the lowest since June 2005. U.S. stock markets initially rallied in response to the rate cut, but renewed credit crunch fears erased the gains by the close. The Dow Jones industrial average finished down 37 points at 12,442.
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Jeff Florian, Senior ReporterThursday, January 31 - 2008 at 06:55 UAE local time (GMT+4)
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