NEW YORK, Oct. 8 (Xinhua) -- Wall Street lost gains in early trading Wednesday, after initial rally on coordinated global rate cut.
The Federal Reserve and six other major central banks from around the world slashed interest rates by 50 basis points Wednesday, aiming to restore confidence in the market and ward off a global economic recession.
The coordinated rate cut is the first time since November 2001 and temporarily provides relief for investors. But stocks tumbled again after a short-time rally, as investors still worried about the global financial system.
The Dow Jones fell 115.07 to 9,332.02. The Standard & Poor's 500 index dipped 12.68 to 983.55; and the Nasdaq slipped 31.14 to 1,723.74.
