Wall Street Celebration Dec-16 2008 Interest Rate Cut

Wall Street Celebration Dec-16-2008

Fed cuts rates to record low: 0% to 0.25%
The central bank also says it could buy more mortgage-backed securities and considers buying long-term Treasury bonds.

The Dow Jones industrial average, which had already gained more than 100 points before the Fed's announcement, closed up 359.61 points, or 4.2%, at 8,924.14. The broader Standard & Poor's 500 index surged 5.1%.