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BLBG: U.S. stock futures rise on coordinated cuts
 
By Steve Goldstein, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures turned higher Wednesday after the Federal Reserve and other central banks stepped in with coordinated half-point rate cuts in a bid to stem the credit crisis that had locked up financial markets.
Stock market futures were volatile after the move: a big spike at first, then more moderate gains, and then another pick-up. At 8:10 a.m. Eastern, S&P 500 futures rose 22.8 points to 1,028.30 and Nasdaq 100 futures added 22 points to 1,358.50. Dow industrial futures rose 152 points.
Half-point rate cuts came from the Fed, the Bank of Canada, the Bank of England, the European Central Bank, the Swedish Riksbank and the Swiss National Bank. See story.
"The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability," the central banks said.
Earlier, the British government announced plan to inject up to $87 billion into its banks. See story.
"This is welcome news, but comes as only a modest surprise as calls for coordinated cuts from the market were becoming deafening," said Dustin Reid, director of currency strategy for RBS Global Banking & Markets in Chicago.
"By acting together, the aim was probably to have a greater effect on confidence highlighting the 'unprecedented' coordination of policy makers globally to recent developments," added Luigi Spreanza, an economist at BNP Paribas.
On Tuesday, U.S. stocks tumbled, the fifth loss in a row, amid false rumors about Morgan Stanley and fears for an economy stifled by a lack of credit, which offset the Fed's plan to enter the commercial paper market and a hint of an interest rate cut.
The Dow industrials fell 508 points, the S&P 500 dropped 60 points and the Nasdaq Composite lost 108 points.
Earlier on Wednesday, the dollar had sunk below the 100-yen level for the first time since April. After the cuts, the greenback pushed back above that territory.
Oil futures turned higher, up 38 cents to $90.44 a barrel. Gold futures were stronger, up $23 an ounce, but off highs of the day.
Ford Motor Co. , which had downgraded to sell by Citigroup, climbed 4% in pre-open trade.
But Alcoa was down 3% after it kicked off third-quarter earnings season with a gloomy assessment by reporting a sharper-than-forecast 52% fall and halting its stock buyback program.
Wal-Mart Stores rose 2.2%. It reiterated its third-quarter profit forecast and reported a 2.4% same-store sales rise in September, slightly shy of estimates.
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