Markets welcome rate cuts

Motorcyclists ride past stock market monitors in Taipei Oct. 7, 2008. Taiwan stocks ended 0.34 per cent higher Tuesday, recouping sharp losses and rebounding from a more than four-year closing low in the previous session, as government funds helped bolster market heavyweights such as TSMC. Pan Pylas THE CANADIAN PRESS A co-ordinated move by central banks to cut interest rates cheered financial markets this morning. Wall Street stock index futures had pointed to a weak opening, extending Tuesday's drop of 508 points in the Dow Jones industrial average and 401 points in the S&P/TSX composite index. But sentiment was jolted sharply higher after half-point... [read full story]