Market falls on recession fears but Fed cut helps
A surprise rate cut coming from the Federal Reserve appeared to calm investors somewhat after dramatic drops overseas.
Stocks battled back from a precipitous decline. The Dow suffered a drop of 465 points in the first few minutes of trading.
At session's send, the Dow was down 128 points to 11,971.
The S&P 500 dropped 14 and a-half points to 1,310 and the Nasdaq composite lost nearly 48 points to 2,292.
Declining issues topped advancers by a 3 to 2 margin.
Volume on the NYSE came to more than 6.2 billion shares. Nasdaq volume was 3 billion shares.
The Federal Reserve cut benchmark rates by three-quarters of a point. Many observers are betting there will be another rate cut when the central bank meets next week.
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