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01/04/2001 09:39 AM ID: 2437 Permalink   

Tech Stocks Surge After Surprise Interest Rate Cut


Tech stocks made a big jump Wednesday, along with the Nasdaq index, which had its biggest increase ever, following an announcement from the U.S. Federal Reserve that it would cut interest rates by half a point, its first cut in two years.

The news came as a surprise, because the Fed was not due to meet until January 31st, and investors did not believe there would be a possibility to lower interest rates until that time.

"We think that there will be more easing to follow, and we think that this will ultimately be a catalyst to turn the market around," said strategist Charles Reinhard. Sun, Microsoft, and Cisco all had stock jumps in the double digits after the news.

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