US stocks gyrate after surprise Fed rate cut

Wall Street stocks gyrated on Tuesday morning, rallying after a surprise Federal Reserve interest rate cut, but subsequently pulling back at worries the move may not avoid a recession.

At about 1520 GMT, the Dow Jones Industrial Average was at 26,660.71, down 0.2 per cent.

The broad-based S&P 500 dipped 0.2 per cent to 3,083.01, while the tech-rich Nasdaq Composite Index slipped less than 0.1 per cent to 3,083.01.