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Fed Cuts Rates, Oil Prices Up

Stocks soared today after the Fed cut rates by 50 basis points, one half of one percent, and CNBC anchors and guests are going ballistic. The Dow is up around 280 points with ten minutes to go before the closing bell, while the Nasdaq and the S&P 500 are also seeing big gains.

The rate cut, many warn, will do little to ease the current crisis in the housing market.

Meanwhile, oil prices continue to climb, settling above $82 a barrel in after-hours trading, setting a new record high.