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Closing Bell, Market Summary: 12/16/2008

12/16/2008:
Dows 8,924.14 up 359.61 (4.20%), Nasdaq 1,589.89 up 81.55 (5.41%), S\&P 500 913.18 up 44.61 (5.14%).
The Federal Reserve today lowered the Fed benchmark interest rate to the range of zero to 0.25 percent, the lowest level on record. The Federal Reserve also said that it will use "all available tools" to combat a severe financial crisis and prolonged recession. The stock market soared after the rate cut to close more then 300 points higher.
Crude Oil was down 91 cents to $43.60 a barrel on the New York Mercantile Exchange.

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