US STOCKS-Short-lived Fed gains fizzle on Wall St

Newswire

(Updates to shows S&P, Nasdaq turning negative) NEW YORK, April 30 (Reuters) - U.S. stocks gave up gains on Wednesday following the Federal Reserve's widely anticipated quarter percentage point rate cut. Stocks were trading higher before the Fed's announcement on expectations that the Fed would make another cut. Lower borrowing costs are seen as a positive for equities because it makes it cheaper for companies to grow their businesses. "The news was as anticipated. It rallied in ...

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