Stocks Carve Out Arly Rebound After Selloff

NEW YORK (AP) – Wall Street is shaking off more signs of global

economic troubles and is rising while investors await the Federal

Reserve’s next move on interest rates.

The Fed is starting a two-day meeting is expected to lower its

key fed funds rate by a half-point to 1 percent.

The move higher comes as casualties from the global crisis pile

up: Whirlpool Corp. says it plans to cut about 5,000 jobs by the

end of 2009, Iceland says it needs $6 billion and Germany says

Pakistan must secure a loan from the International Monetary Fund

within a week.

But stocks are nonetheless rebounding after the Dow Jones

industrials fell more than 500 points over two sessions on worries

about the economy.

The Dow is up 214, or 2.6 percent, at the 8,390 level. The

Standard & Poor’s 500 index is up 2.65 percent, while the Nasdaq

composite index is up 3.26 percent.