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Interest Rate Cut Marks Change In Fed Policy, Rally in Technology Sector.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, January, 2001 by Deener, Bill
Jan. 4--An interest rate cut Wednesday launched a history-making rally in the technology sector and bolstered investor hopes that the stock market's winter of discontent may soon be over.
The Federal Reserve surprised Wall Street with the announcement of a half-percentage point cut in the overnight bank lending rate. The move marked a significant change in Fed policy and perhaps an important psychological turn in investors' sentiment. They stampeded into technology shares and pushed the Nasdaq composite index up a record 324.83 points, or 14.2 percent, to close at 2,616.69.
This broke the previous record gain of 10.5 percent, which was set Dec. 5.
"When I first got here today, there was just a lot of gloom and doom among everybody, but then...
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