Federal Reserve left interest rate unchanged, stocks rose and Chinese social networking sites block major search engine.
Fort Worth, TX (WiredPRNews.com)—While the Federal Reserve chose to keep the key interest rate at 2% after Monday’s collapse of Lehman Brothers and the sale of Merrill Lynch to Bank of America, Chinese social networking services are blocking search engine Baidu.com.
According to a September 16, 2008 article by Ron Haruni that appeared on seekingalpha.com, the SNSs are blocking the access of Baidu.com spiders because they are concerned that the automated web crawlers will take private customer information. Critics doubt that privacy is the real reason for the move and believe that fear of Baidu.com’s market dominance is the real reason, according to the article.
Wall Street is recovering after the Dow Jones industrials posted a 504-point drop on Monday, according to a September 16, 2008 Associated Press article by Tim Paradis that appeared on Yahoo.com’s finance page. Monday’s drop was the worst since the September 11, 2001 terrorist attacks, according to the article.
The Federal Reserve’s decision to keep the interbank interest rate steady at two percent shows tough love, according to a September 16, 2008 article by Jeannine Aversa of the Associated Press, which appeared on Yahoo.com’s finance page. The prime rate stayed at five percent, according to the article, which is the base rate for millions of consumer credit accounts.
The Dow Jones rose 141 points on Tuesday, according to Aversa’s article, while inflationary fears subsided as consumer prices dropped for the first time in two years.