Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Powell said on Wednesday that the Fed may have to resume regular balance sheet growth to help ease money markets.The Fedread more
The Dow Jones Industrial Average erased a 211-point drop as investors digested the latest monetary policy announcement by the Federal Reserve.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Amazon is launching a new feature that allows presidential candidates to receive campaign contributions through the Alexa voice assistant.Technologyread more
The woman says the abuse by Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, began when she was just age 14 or younger.Politicsread more
Federal Reserve Chairman Jerome Powell pledged that the central bank would engage in a "sequence" of interest rate cuts if conditions warrant, but he doesn't see that as...The Fedread more
Shares Michael Kors jumped more than 5 percent Wednesday to trade among S&P 500 leaders as talk mounted of a takeover of the handbag maker.
A Michael Kors spokesperson declined to comment to CNBC.
Other news outlets have reported on the takeover chatter that has swirled around the Kors recently. On Tuesday, Schaeffer's Investment Research said "unsubstantiated takeover rumors" prompted trading of Kors' call options at a nearly quadruple rate of normal activity.
Madrid-based InterEconomia.com reported Wednesday that Kors was studying a $10 billion offer, but it did not cite a buyer or the source of its information.
Kors is expected to release its next earnings report on Nov. 2.
The stock ended the day at $50.10 a share, more than 5 percent higher. More than 6.5 million shares were exchanged, outpacing the stock's 10-day average volume of 2.5 million shares.