In the currency market, the dollar dropped lower against the euro. Late Wednesday, the euro was trading at $1.2883 vs. $1.2707 on Tuesday.  The news of the day, which brought the dollar back from its lows vs. the euro, was the FOMC’s interest rate cut of a half-point, down to 1%.

Federal Reserve policymakers yesterday (Wednesday) reduced the benchmark Federal Funds rate to 1.0%, an aggressive half-percentage-point cut that central bank Chairman Ben S. Bernanke’s latest attempt to keep the widening financial crisis from tipping the world into a global recession.

“You will lose more in purchasing power (as central bank monetary inflation destroys the currency by printing enough to finance the higher stock prices) than you will ever net in gains…”