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Wall Street heads for higher open after Federal Reserve emergency rate cut
Wall Street is heading for a higher opening after the world's leading central banks cut interest rates in a coordinated effort to restore confidence in the market and stem the global financial crisis.\
- Agencies
- Published: 16:59 October 8, 2008
New York: Wall Street is heading for a higher opening after the world's leading central banks cut interest rates in a coordinated effort to restore confidence in the market and stem the global financial crisis.
The emergency cut, led by US central bank the Federal Reserve, will at least temporarily provide relief for investors who have been battered this week. Before the half-percentage point cut was announced, stock futures were down sharply along with world markets in response to spiraling worries about the global financial system.
Dow Jones industrial average futures rose 102, or 1.05 per cent, to 9,640. Standard & Poor's 500 index futures added 27.60, or 2.74 per cent, to 1,032.30, while Nasdaq 100 futures rose 31.75, or 2.38 per cent, to 1,368.25.
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