In the first minutes of trading, the Dow Jones Industrial Average was off in excess of 3%, or more than 400 points. The blue-chip index lost 128.11 points, or 1.06%, to close at 11,971.19. It was the fifth straight day of losses in New York. Shortly before trading started, the rate-setting US Federal Reserve Board slashed its key interest rate by 0.75 percentage points in an attempt to bolster the sputtering US economy. In a statement, the Fed justified its action “in view of a weakening of the economic outlook and increasing downside risks to growth.” The broad-based Standard & Poor’s 500 Index fell 14.69 points, or 1.11%, to 1,310.5. The technology-heavy Nasdaq Composite Index dropped 47.75 points, or 2.04%, to 2,292.27. The US currency edged lower against the euro to €68.322 cents from €68.44 cents on Friday. The dollar dipped against the Japanese currency to ¥106.43 from ¥106.77 on Friday. Gold rose by $11.50 to $893.20 per fine ounce. (m&c.com)
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