Rembrandt The Return of the Prodigal Son painting
John Collier Lady Godiva painting
Traders work on the floor of the New York Stock Exchange on January 3, 2001 as the Dow Jones industrial average rose on news of an interest rate cut. The Dow closed up 299.60 points at 10,945.75.
NEW YORK - Stocks roared, with the technology-laden Nasdaq market posting its biggest gain ever, after the Federal Reserve threw a lifeline to Wall Street with an unexpected interest-rate cut to keep the world's largest economy from slowing too much. "The intensity and the timing (of the Fed move) caused the market to move from a fear syndrome to a feeding frenzy," said Alan Ackerman, chief market strategist at brokerage Fahnestock & Co. "The only question is if it holds."
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