Markets Surge To Close Higher After Fed Slashes Rates

The markets surged to close sharply higher after the Federal Reserve slashed the federal funds rate by a larger than expected half a point to 4.75%. The Dow jumped 336 points to 13,739 while Nasdaq leaped 70 points to 2652. S&P 500 soared 43 points to 1520. The 30-year bond slipped as the yield rose to 4.760%.