The initial reaction was for stocks to jump, but at the end of the day stocks finished slightly lower. At 2:15 the FOMC announced an additional 50 basis point cut in the fed funds target rate. The market was initially euphoric, but a very late selloff spoiled the party. The Dow finished lower by 37, while the Nasdaq finished down by 9 points. The S&P 500 finished down 6.49, or 0.48%. 
Financials were the market leader both to the up and downside this afternoon. In the initial surge they were the leader, but they also led the way lower at the close of the session. American International Group (NYSE:AIG) shares lost 4.34% on the day. Merrill Lynch (NYSE:MER) fell 2.42% and Bear Stearns (NYSE:BSC) lost 3.68% in today's trading. Prudential Financial (NYSE:PRU) lost 2.67% in today's session. Fannie Mae (NYSE:FNM) was weak the entire day, and finished lower by 5.59%.
Energy stocks were also quite weak today, finishing near their lows of the session.The Chinese oil companies were particularly weak today. Petrochina (NYSE:PTR) plunged 4.04% on heavy volume and Sinopec (NYSE:SNP) shares plunged 6.22%. Baker Hughes (NYSE:BHI) shares plummeted 8.61% after a disappointing sales outlook worried investors. Transocean (NYSE:RIG) shares lost 2.64% on the session.
Notable 52 Week Lows
- Wyeth (NYSE:WYE) This big pharma stock lost 2.88% to hit a new low.
- Yahoo (Nasdaq:YHOO) Lost 8.55% on another disappointing earnings report and news of job cuts.
- Amylin (Nasdaq:AMLN) This once hot biotech company has come under significant pressure of later.
