"The Federal Reserve unanimously cut its overnight interest rate by a half percentage point to 4.75% Tuesday, citing turmoil in financial markets as a threat to economic growth."As as a result the Dow is up 250 points, Nasdaq up 57, S&P 500 up 34 points.
The FOMC signaled that further rate cuts could be coming, saying it would monitor the situation and that it stood ready act if necessary.
This is the first cut in the federal funds target rate since June 2003. The funds rate is at its lowest level since May 2006."