Shares of major technology companies including Apple Inc. rose Wednesday after the U.S. Federal Reserve cut the federal funds rate by half a point to 3 percent. The Fed also cut the nation’s discount rate by a half-point.
Apple shoares (AAPL) are currently trading up $1.3399, or 1.02%, at $132.8799.
The reduction comes eight days after a 3/4 point cut, which followed a global sell-off amid fears of recession in the U.S.
“Federal Reserve Chairman Ben Bernanke said in a brief statement Wednesday that ‘financial markets remain under considerable stress,’ opening the possibility of further interest rate cuts to boost the U.S. economy,” The Associated Press reports.
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