Dow Jones Industrial Average(DJIA) Summary
Index Value: 12,820.13
Trade Time: April 30
Change: -11.81 (-0.09%)
Prev Close: 12,831.94
Open: 12,831.45
Day's Range: 12808.98 - 13010.00
As expected; the Federal Reserve Board cut interest rates by 25 basis points to bring it down to 2.00% but some analysts say that it left its next moves unclear.
The rates has now been trimmed by 3.25% since September 2007.
Early in the afternoon trade; the DJIA had a strong rally and the 13,000 level was even tested. Until the last hour and a half of trading; the DJIA was still up by more than 100 points. But a late sell-off wiped out the gains by the closing bell and the US equities market closed in negative territory near its day's low.
The US economy as measured by its Gross National Product (GNP) expanded by 0.6% in the first quarter.
Oil Prices currently trades below the $115 a barrel level.
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