Fed Gives Wall Street What It Wants

Fed cuts by 50 basis points Bloomberg has these two articles:

Fed Lowers Rate to 3% as U.S. Expansion Falters

U.S. Stocks Gain After Fed Cuts Benchmark Rate By Half Point

All this as of 2:20 central time, let's see if it holds. Market will also be tested by employment numbers on friday.

Update: As of 2:59 the market is now down and gave up all the gains on the fed cut news.