NEW YORK, Dec 8: Wall Street enters the home stretch of 2007 in an upbeat mood as investors brace for a meeting of the Federal Reserve which is widely expected to yield a third straight cut in US interest rates.
The market generally cheers interest rate cuts and most economists are calling for Fed policymakers, led by chairman Ben Bernanke, to reduce US borrowing costs by a quarter percentage-point on Tuesday.
Investors believe the central bank will trim its short-term Fed funds rate to help underpin economic momentum which is expected to slow in coming months.
In the week to Friday, the Dow Jones Industrial Average surged 1.90 per cent to 13,625.58.—AFP
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