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Home improvement chains rise after rate cut
Shares of home improvement retailers rose after the Federal Reserve cut a key interest rate by half a point on Thursday. The largely expected rate cut was the first from the nation's central bank since lowering rates Oct. 8, when the Fed and other foreign banks made a coordinated move to loosen the credit markets and spur lending. It brings the federal funds rate, the interest banks charge on overnight loans, to 1 percent. Both The Home Depot Inc. (nyse: HD - news - people ) and Lowe's Cos. Inc. (nyse: LOW - news - people ) have seen their businesses erode since the nation's housing market began to slow and as global credit markets froze, keeping people from buying new homes and embarking on remodeling projections. Home Depot shares climbed 49 cents, or 2.4 percent, to $22.06 in midday trading. Meanwhile, Lowe's shares added 13 cents to $19.76. http://www.forbes.com/feeds/ap/2008/10/29/ap5621774.html |
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