By  on October 30, 2008

The Standard and Poor's Retail Index closed up almost 1.7 percent Wednesday after the Federal Reserve said it was cutting interest rates, but the news didn’t help the Dow Jones Industrial Average, which fell back below the 9,000 level.

In the final 10 minutes of trading, the Dow, up more than 200 points during the day, shook off most of its gains, closing down 0.82 percent, or 74.16 points, to 8,990.96. Retail shares, however, jumped 4.62 points to 282.21.

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