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The Nasdaq is up nine per cent following the Federal Reserve's shock cut to interest rates in the US, bringing them down half a per cent.
By Mark Graham
Published: 18 April 2001 18:00 BST
The action followed an early morning meeting between Alan Greenspan, chairman of the Federal Reserve, and other FOMC members and brought bank-lending rates down to 4.5 per cent and the discount rate on Fed loans to banks down to 4.0 per cent.
The move surprised financial markets and caused a frenzy of activity, with Cisco Systems rising 12.48 per cent to $18.74.
Two full per cent has been slashed off interest rates so far this year with this being the fourth cut.
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The silicon.com CIO50 2008 profiles the most influential and innovative tech chiefs in the UK across all industries and organisation size, from the biggest FTSE100 companies to high growth dot-com start ups and the public sector. The list was voted on by the UK CIO community and a panel of experts. Find out more in our latest special report.
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