Greenspan breathes new life into tech stocks

NEWS 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.