Stocks fell off a cliff today afer the Fed cut shaved both its Fed funds target and discount rates by 25 basis points. What the heck were markets expecting?
DJIA Index down 2.14%, S&P 500 Index down 2.53%, Nasdaq Composite Index down 2.45%
Financial stocks were particularly hard hit: American Express down 5.24%, JP Morgan Chase down 3.12%, and Citigroup down 4.43%, Washington Mutual down 12.37%, H&R Block down 3.26%.
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