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Fed Minutes Spark Record Stock Moves

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Fed Minutes Spark Record Stock Moves

Economy

Fed Minutes Spark Record Stock Moves

Fed Minutes Spark Record Stock Moves

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Stocks across Asia rallied after Wall Street set new records. Markets in China, South Korea, Australia and elsewhere climbed to all-time highs. The U.S. spike was prompted by the release of minutes from the Federal Reserve's Sept. 18 meeting, when it cut interest rates by half a percentage point.

DEBORAH AMOS, host:

Business news starts with stock markets hitting new highs.

The Dow Jones Industrial Average opened just slightly lower this morning after hitting record highs yesterday. That record sent stocks in Asia climbing to all-time highs today. Yesterday's spike on Wall Street started when the Federal Reserve released the minutes from its meeting last month. That was the meeting in which the Fed decided to slash interest rates by half a percentage point.

Traders took comfort in the meeting notes, which they saw as proof that the Fed was concerned about the economy. Some interpreted the notes to mean the Fed would do as many investors hoped and cut rates again this month.

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