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Published on Wednesday, October 08, 2008
By LA Daily News Staff Writer
WASHINGTON - Wall Street bounced higher and lower Wednesday trying to make up its mind about an unprecedented coordinated interest rate cut by central banks around the world. In the end, it settled on a familiar feeling - fear - and plunged again.
The Federal Reserve, desperately trying to jump-start the lending that keeps the U.S. economy moving, dropped its closely watched federal funds rate to 1.5 percent. The cut from 2 percent took the rate to its lowest level in more than four years.
Central banks in England, China, Canada, Sweden and Switzerland and the European Central Bank also cut rates after a series of high-stakes phone calls over several days between Fed Chairman Ben Bernanke and his counterparts.
But the Dow Jones industrial average lost an additional 189 points, or 2 percent, to close at 9,258. It was the sixth straight day of losses for the Dow
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