Stocks Signal Sharply Higher Open after Rate Cut

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New York (AP) Wall Street is taking in stride the Government's report that the economy shrank in the third quarter.

Investors also seem unfazed by a Labor Department report that new applications for unemployment benefits remained unchanged last week at a seasonally adjusted 478,000. Economists had forecast a slight decline.

Dow Jones Industrial average futures, which had been higher in response to the Federal Reserve’s rate cut Wednesday, are up 320, or 3.6 percent, at 9,174. The other major index futures also showed substantial gains.

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