Wall Street: US stocks slump over lower-than-expected rate cut

US market dove sharply over the announcement of FOMC to have rate cut by 0.5%, which was lower than market expectation of 0.75%. Economists indicated although Fed declared the chance of another rate cut in the announcement to leave space for further activities in short term, market was obviously not satisfied with the lower-than-expected rate cut.According to dealers, it was unclear whether the market hit the bottom.Bill Meehan, chief analyst of Cantor Fitzgerald said the current stock price still stayed at a high level compared with the past, and investors' expectation of rising resulted from rate cut by Fed. 

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