The Federal Reserve slashed the federal funds rate by three-quarters of a point on Tuesday.

Stocks soared in afternoon trading just prior to the Fed’s announcement as Wall Street anticipated a full-point reduction. The Dow Jones Industrial Average was up 2.1 percent to 12,221.13, while the broader S&P 500 jumped 2.6 percent to 1,310.42. The S&P Retail Index skyrocketed 4.5 percent to 378.82.

For complete coverage, see Wednesday’s WWD.

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