Fed cuts rates but Wall Street plunges

US - Giving a sharp jolt to financial markets, the Federal Reserve cut US interest rates just one hour before the re-opening of Wall Street. (Later shares on Wall Street fell dramatically as the American markets opened after its near week long absence.)

The cut by half a percentage point - from 3.5% to 3% - came sooner and was larger than expected.

The move was viewed as an effort to boost US stock markets gearing up to trade for the first time since last week's terrorist attacks on the World

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