Financial Stocks Move Modestly Higher After Fed 50bp Rate Cut

Financial stocks are moving modestly higher following the fed's decision to cut the federal funds rate 50 basis points to 3 percent. The fed has cut rates 1.25% since 1/22.

Stocks: Merrill Lynch (NYSE: MER), Citigroup (NYSE: C), Bear Stearns (NYSE: BSC), Goldman Sachs (NYSE: GS), Wachovia (NYSE: WB), Bank of America (NYSE: BAC).

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