Dow Soars 88 Pointy On Interest Rate Cut: Gain Is Average's Largest ...
NEW YORK. Dec. 23ÛÓStock prices staged a powerful pre-Christmas rally today as Wall Street held a delayed celebration for lower interest rates.</br></br>It was the biggest one-day gain for the key market indicator since it climbed the same amount Aug. 21 after the Soviet coup collapsed. The two advances were the Dow's sixth-greatest gains ever.</br></br>Advancing stock issues outnumbered declining ones by a ratio of more than 3 to 1 on the New York Stock Exchange. Volume on the floor of the Big Board came to that it was cutting the discountljate a full percentage point to 3.5,percent. a 27-year low. to stimuIattCthe economy. In response, many.bgnks' cut their prime lending ratesatttfthe' Dow climbed 20.12 points.</br></br>Today's rally ÛÏwas a delaygtj, response to the very strong action of the Fed last week," said A.C. NJoore, the market analyst at Argus, Investment Management in Santa Barbara. Caiif.	rv:	.</br></br>"The immediate benefit for stocks' is that alternatives to equities-are. seriously diminished," Moore-said. > In addition, he said. ÛÏI think youÛªre going to get an economic response and itÛªs going to translate into (higher corporate] earnings.Û