Wall Street awaits Fed's next move by Notme dfsfs

Friday was a good day for business after all. The United States Federal Reserves lowered the discount rate at a half percentage point, being a very welcomed move on Wall Street. But even if the stocks have grown, many investors are still in panic mode.According to the IG Index, Dow Jones Industrial Average was expected to open today with 45 points higher having settled at 13,079.10 on Friday, up 233.30.After injecting in the banking system almost 120 billion dollars, the Federal Reserve cut its discount rate to 5.75 pct from 6.25 pct, avoiding a risk to economic growth.Steve Goldman, market strategist at Weeden & Co. in Greenwich, Connecticut, said: ""Once the Fed reliquifies and calm restores, then the markets will be in a process to start to weather the storm. The expectation is the Fed will do more."Countrywide Financial Corp's had a good day too, their share rose 4.1 percent to $22.30 before the opening bell, after the Wall Street Journal reported that the mortgage lender company was laying off employees in one of its lending units.Economists from the Thomson Financial predicted that sales of new single-family homes will fall to a seasonally adjusted annual rate of 825,000 units, down from 835,000.Oil price fell because the Hurricane Dean would cripple supply by hitting installations in the Gulf of Mexico.

related story: http://news.yahoo.com/s/ap/20070819/ap_on_bi_ge/wall_street_week_ahead;_ylt=AjYt9J_S6kL_QdEuchx60X6s0NUE

by Notme dfsfs for PocketNews (http://pocketnews.tv)

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Edited by: Katarina Zerzanova