Equities Higher Following Upside Goldman, Lehman Results and Ahead of FOMC Decision
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Stocks opened strong Tuesday as better-than-expected results from investment banks Goldman Sachs (NYSE: GS) and Lehman Bros (NYSE: LEH) showed investors that everything in i-bank land is not as bad as this weekend's Bear Stearns news would have suggested.
Investors were also positioning ahead of the FOMC interest rate decision. Investors are expecting the fed to cut rates at least 75 basis points, with some looking for a cut of a full percentage. The fed has been extremely accommodative and creative to re-liquefy credit markets to their own chagrin. The news is expected at 2:15PM ET.
At 10AM ET the Dow was up over 200 points and the Nasdaq was up over 40 points. [LJ]
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