“Technology stocks rallied Tuesday afternoon after the U.S. Federal Reserve cut the nation’s federal funds and discount rates by a half-point each,” Matt Andrejczak reports for MarketWatch.
“The Federal Open Market Committee’s decision lowered the benchmark funds rate to 4.75% — the first time that rate has been cut since June 2003 — and slashed the discount rate to 5.25%. The FOMC said the moves were necessary to stave off negative effects on the broad economy due to disruptions in financial markets,” Andrejczak reports.
“Following the Fed’s moves, the tech-heavy Nasdaq Composite Index ose 41 points to 2,623,” Andrejczak reports. “Apple Inc. (AAPL: $140.98, +2.55, +1.8%) shares were also on the rise… Apple said Tuesday it would begin selling the iPhone in Britain from November, putting an end to weeks of speculation as it picked Telefonica’s O2 network as the exclusive carrier for the device’s first launch outside the U.S.”
Full article here.