Greenspan didn't specify any time frame for action in his speech Friday, but the mere suggestion the Fed is now considering rate cuts was all investors needed to hear.
The Dow Jones industrial average was up more than 300 points within an hour of the opening bell yesterday and ended the day 380.53 points higher, a record single-day gain that surpassed the 337-point improvement after last October's 554-point plunge.
The Wall Street rally yesterday was a replay of strong gains Monday in many Asian and European markets when New York markets were closed because of Labor Day.
But economists urged some caution in the midst of the euphoria, contending that investors may be letting their hopes get ahead of Greenspan's actual words.
"Greenspan was telling the world that he stands ready to ease, but he hasn't made up his mind yet that such a move will be necessary," said Mark Zandi, economist at Regional Financial Associates in West Chester, Pa.
The surviving suspect, a 17-year-old whose name was not released by police, was booked yesterday on six counts of first-degree murder.
All six victims and the 17-year-old boy knew each other. But police were unsure what triggered the killing spree, one of the worst ever in this Denver suburb.
"The motive is really the $64,000 question," police spokesperson Bob Stef said. "We don't know if it was out of anger, revenge, involving someone else.''
Neighbors called police Monday afternoon after hearing shots and screams at a two-story blue home with white shutters. Inside, police found the bodies of Penny Medla, Greg Medla,
believed to be her son; and his girlfriend, Marissa Avalos. Peggy Medla's 6-year-old girl and 9-year-old-boy were not hurt.
Witnesses told officers that Michael Martinez, and another teen-age boy strode down the street, walked into the home and opened fire.
The appeals court also rejected eight other avenues of appeal, including pretrial publicity, juror misconduct and barred testimony that others may have carried the worst bombing on American soil.
McVeigh was convicted of murder, conspiracy and weapons-related charges in the April 19, 1995, bombing of the Alfred P. Murrah Federal Building.
09-09-98
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