Markets around the world were still reeling from the bankruptcy filing of Lehman Brothers Holdings Inc. and the quickly assembled weekend sale of Merrill Lynch & Co. to Bank of America Corp. Investors worry that tectonic shifts in the power structure of Wall Street signal that the financial sector's trouble with imperiled credit are far from over.
The Fed's regularly scheduled meeting, which many economists had expected would be a pro forma occurrence, is now much anticipated, especially after central banks around the world have loosened money supplies this week. The banks are hoping an injection of capital will help soothe markets following the most serious tumult of the 14-month-old credit crisis.
In late morning trading, the Dow rose 80.12, or 0.73 percent, to 10,997.63. The Dow fell as much as 175 in the opening minutes of the session; on Monday, the Dow lost 504 points, its largest drop since the September 2001 terror attacks.
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