There were new developments Tuesday in the global financial crisis, including attempts by the Federal Reserve to revive the moribund U.S. commercial paper market, along with word that the Reserve Bank of Australia cut its key interest rate 100 basis points. The move sparked speculation other central banks would follow suit, giving slumping economies a boost.
European finance ministers were meeting in Luxembourg about the crisis, and reached agreement on deposit guarantees.
The dollar was lower. Bonds were lower. Gold futures were higher. Oil futures rose, trading back above $90 per barrel for much of the session...
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Source BusinessWeek
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