US STOCKS-Market soars over 2 pct after Fed's rate cut


(Updates to show market rallying) NEW YORK, Oct 29 (Reuters) - U.S. stocks rallied sharply late Wednesday afternoon, after the Federal Reserve slashed interest rates and amid signs that the myriad of central bank and government efforts to shore up credit markets were beginning to work. Trading had been volatile after the Fed's big interest- rate cut, the latest in a series of moves to keep the credit crisis from triggering a deep recession. "Some of the programs the Fed has been ...

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