The Federal Reserve, along with the European Central Bank, the Bank of England, the Bank of Sweden, the Bank of Canada, and the Swiss National Bank acted together to cut rates in an attempt to reduce the strains in financial markets. The Fed cut rates by 50 basis points to 1.5%.
Pending home sales in August rose 7.4% to 93.4, beating the estimate of a 1.3% decline.
The Dow Jones Industrial Average declined 189 points (2.0%) to close at 9,258, the S&P 500 Index fell 11 points (1.1%) to 985, and the Nasdaq Composite dropped 15 points (0.8%) to 1,740. Crude oil fell $1.11 to $88.95 per barrel, and gold rose $28.80 to $910.80 per ounce.
Magnificent Seven Update
