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The Federal Reserve cut its key interest rate to near zero — a dramatic move not seen since the depths of the 2008 financial crisis. President Trump — who has slammed the Fed — praised the move.
Stock indexes rose nearly 5% after the market’s worst day since 2008. The jump followed President Trump’s call for a payroll tax cut and other steps to help the economy amid the coronavirus epidemic.
President Trump used to boast about stock market gains at every turn. But after coronavirus fears caused the worst plunge since 2008, he has gone silent on this pillar of his reelection pitch.
After many dips, the Dow was up about 1 percent Friday afternoon. Consumer confidence and spending are the latest mixed signals investors are struggling to sort out.