| Stock markets lower as investors hope for half point rate cut by Fed ...
It will also cut 1,000 jobs.
Yahoo shares were down almost nine per cent.
The S&P 500 index points declined 6.49 to 1,355.81.
The Fed signalled that further rate cuts were possible and that "financial markets remain under considerable stress."
The rate cut marked the fifth time that the Fed has cut the funds rate since it started with a half-point cut on Sept. 18 in response to the severe credit crisis which hit global markets in August.
The move was particularly welcome as a report released earlier in the day showed the American economy’s decline picked up speed in 2007’s fourth quarter.
A report released during the morning showed the U.S. economy barely maintaining altitude in the fourth quarter, growing by just 0.6 per cent against a background of tighter credit and cautious spending amid fears of a recession.
Sky Sports.com
It is with heavy heart that this type of decision has to be made, but the board and I felt that a change was necessary to try and halt the recent slide in results and performance," chairman Derek Shaw told the club's official website. "Modern football is a cut-throat industry and is results based and without an away win in the league this season and with three away league wins in the whole of 2007 we felt we had to act now. "We have asked Rob Kelly, Billy Barr and Dave Timmins to look after first-team training while we search for a successor to Paul, but we hope this process can be concluded quickly and hope to try and get someone in place before the next game, against Charlton Athletic a week on Saturday. "May I place on record my thanks to Paul for his honest and hard-working approach in his time at the club and wish him every success in the future." .
AC360°: Flirting with disaster
But the Europeans and others thought there must be a saving grace. Surely, they thought, the president is acting without much public support at home.How wrong they were.When Bush swept to a resounding re-election in 2004, the Davos of January, 2005 was one of pretty sullen resignation by delegates from other countries.By 2006, the mood changed again: ok, if you are not going to lead well in America, we will have to start moving ahead without you. By 2007, China and India suddenly became the center of attention as people spoke in awe of their growth and crowded into sessions on "Whither Asia?"Now this year, my observation is that people are following the election campaign closely but they are not at all optimistic that the U.S. is going to resume its world leadership role. And there is far more despair here about the U.S.
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