U.S. gold futures rallied past $735 an ounce Tuesday to their highest level since 1980 after the U.S. Federal Reserve cut interest rates a half-point. Gold for December delivery traded as high as $735.50 an ounce in electronic trading late Tuesday. It eased back to $734.20 around 7 p.m.

By AVRUM D. LANK Financial markets snapped out of their funk Friday, staging a strong rally after the Federal Reserve cut a key interest rate in an effort to ensure that credit, the life blood of global business, continues to flow.

By REX NUTTING By Rex Nutting and Mike Maynard MarketWatch WASHINGTON In a move applauded by financial markets on both sides of the Atlantic, the Federal Reserve announced Friday that it ha s cut the discount rate by half a percentage point to 5.75 percent.

By Reuters WASHINGTON (Reuters) - The U.S. Federal Reserve on Friday [Aug. 17] cut the discount rate governing direct Fed loans to banks by a half-percentage point in a surprise move aimed at keeping credit flowing and calming jittery global markets.

By Avrum D. Lank, Milwaukee Journal Sentinel Aug. 18--Financial markets snapped out of their funk Friday, staging a strong rally after the Federal Reserve cut a key interest rate in an effort to ensure that credit, the life blood of global business, continues to flow.