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The U.S. markets soar as the U.S. Federal Reserve cuts key interest rates by 3/4 point. The Federal Reserve slashed U.S. interest rates on Tuesday (March 18), boosting Wall Street, which was already higher on stronger-than-expected investment bank earnings. Tuesday's three-quarters of a percentage point rate cut was less than the full percentage point many in the market had expected, but the Fed left the door open to an additional reduction. However, it noted its future action would take inflation concerns into consideration. Global stock markets were up early in the day in anticipation of the Fed's move and on stronger-than-expected earnings news from Goldman Sachs Group Inc and Lehman Brothers Holdings Inc. By the end of U.S. trading, the Dow Jones industrial average .DJI> jumped 420 points, or 3.5 percent, while the Nasdaq and S&P 500 indices rose more than 4 percent. The dollar soared to its largest single-day gain against the yen in nine years and rallied against the euro as traders responded to the less-than-expected rate cut. But U.S. Treasuries fell as investors poured into stocks. The Fed's action, taken on an 8-2 vote of its policy committee, was part of an intense effort by the central bank to avert a deep recession and financial market meltdown. The move took benchmark overnight rates down to 25 percent, the lowest since February 2005. While touring a port in Jacksonville, Florida, U.S. President George W. Bush said he remains confident in the long-term he...