This might be the mother of the greatest bear market rally in history! Of course the bastards did this before the markets opened so that only the insiders will be able to take advantage of the first 500 - 1000 points.
US stock futures turn sharply higher on rate cut
By JOE BEL BRUNO – 45 minutes ago
NEW YORK (AP) — Wall Street has turned around sharply with stock index futures shooting higher in response to an emergency half-point interest rate cut by the Federal Reserve.
Dow Jones industrials futures surged 168, or 1.78 percent, to 9,706.00 after being down 140. Standard & Poor’s 500 index futures rose 29.20, or 2.82 percent, to 1,035.00.
The Fed clearly acted out of concern about a global plunge in stock markets. Before the Fed acted, Wall Street looked to extend its precipitous drop when trading began, and Asian and European markets were already skidding.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
NEW YORK (AP) — Wall Street looked set to plunge along with markets across the world on Wednesday as fears about the growing financial crisis and fears of a global recession continued to rattle investors. Dow Jones industrial futures dropped 140 points.
There was a solid retrenchment in global markets, with European bourses down about 5 percent and Asian stock indexes earlier skidding more than 8 percent. Trading on both Russian stock markets was suspended — on one until Friday and the other until futher notice — after shares plunged within the first hour of trading.
The worldwide gloom follows a sell-off in U.S. markets late Tuesday, where major stock indexes slid 5 percent. The rout brought the Dow Jones industrials’ losses to more than 875 points in two days, and its close was the lowest close in five years. The blue chip index is now a stunning 33.3 percent below its record close of 14,164.53 a year ago