NATALIE ALLEN, CNN ANCHOR: Speaking of gearing up, let's go to Rhonda Schaffler, where the Dow, the Nasdaq have done just that, after this announcement from Alan Greenspan.</s>RHONDA SCHAFFLER, CNN CORRESPONDENT: Hi, Natalie. I am not sure if you can hear me. I'm having trouble hearing you at the moment. But we just want to keep you updated on the markets here. Stocks are surging after this surprise move by the Federal Reserve which came just about a half-hour ago. The Federal Reserve cutting the Federal fund's rate by a half of a percentage rate and that's the overnight rate. Banks charge each other for loans overnight. A lot of things are tied to this, everything from consumer loans to mortgages. The Fed also cutting the discount rate by a quarter percentage point. And the last time the Federal Reserve cut rates in between meetings was October of 1998. As far as how the Dow Jones industrial average is holding up: Since this move came out, the Dow is up 301 points, and the interest rates and the financial stocks are climbing. Shares of J.P. Morgan and Chase are up more than 4, Citigroup is up almost 4, American Express is climbing about 5, IBM and</s>LOU WATERS, CNN ANCHOR: OK, Rhonda.
Dow and Nasdaq Rally After Fed Cuts Rates