The Federal Reserve Board on Friday approved actions by the Boards of Directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas decreasing the discount rate at the Banks from 6-1/4 percent to 5-3/4 percent, effective immediately.

The Board also approved an action by the Board of Directors of the Federal Reserve Bank of St. Louis, decreasing the discount rate at the Bank from 6-1/4 percent to 5-3/4 percent, effective August 20, 2007.

http://www.federalreserve.gov/boarddocs/press/monetary/2007/200708173/default.htm

Market can accept this condition and indicated by Dow Jones Industrial Average rised 226.63 pts (1.76%) to level 13,072.41 last night, and Nasdaq closed by rised 53.96 pts (2.20%) to level 2,505.03.

Hip hip hurray…