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Federal Reserve Again Tries to Get Economy into Gear with Rate Cut.
Byline: David Ivanovich
Aug. 22--WASHINGTON--The Federal Reserve trimmed a key interest rate by a quarter of a percentage point Tuesday, the central bank's seventh attempt this year to jump-start a still-idling U.S. economy.
While the Fed's move was widely anticipated, Wall Street acted peeved by the mere quarter-point drop.
Investors sent the Dow Jones industrial average down nearly 146 points Tuesday to close at 10,174.14, while the technology-heavy Nasdaq composite hit its lowest level since April.
"The Fed did all they could do and still the market doesn't like it," said Bryan Jordan, economics analyst for Banc One Investment Advisors in Columbus, Ohio.
Fed policy-makers cut the federal funds rate -- the interest rate banks charge one another for overnight loans -- to 3.5 percent, from 3.75 percent. The Federal Open Market Committee also shaved the more symbolic discount…
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