The Federal Reserve, moving to head off the threat of a recession, cut two key interest rates by a quarter-point but signaled that it may be done easing rates for now.  Read the Fed's Statement  Stocks Rally in Reaction

  The Fed's decision to cut interest rates probably won't do much for banks struggling with rising credit losses as the housing market retreats.

  Oil surged to a record close over $94 a barrel after the Federal Reserve cut two keyinterest rates and U.S. oil supplies showed an unexpected decline for the week.

  U.S. auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the U.S. housing market, analysts said.

  The U.S. economy grew at a surprisingly brisk clip in the third quarter as both consumer spending and exports showed strength despite a battered housing sector.

  It was no trick -- the Fed gave the market along-awaited treat.

  The rapid fall of Stanley O'Neal from the helm of Merrill Lynch has left investors wondering who else in the banking industry may pay a price for the U.S. subprime mortgage crisis.

  MetLife reported third-quarter earnings that were flat with the year-ago period, due to higher expenses and lower underwriting margins.

  Prudential Financial, one of the largest U.S. life insurers, said on Wednesday that third-quarter net income fell 25 percent, hurt by investment losses, but operating earnings beat analysts' expectations.

  The hour's business headlines, with CNBC's Margaret Brennan

  Cut early, be aggressive and roll out gradually. That's Wal-Mart's spacer price strategy for the holidays. And the marketing team at Wal-Mart follows that dictate when it unveils some big ticket price cuts this Friday--more than 2 weeks ahead of "Black Friday," which has traditionally been the kickoff of the holiday shopping season.

  Over 200,000 troubled borrowers will receive a letter from mortgage servicers advising them to seek new loan terms before they face foreclosure under a plan announced on Wednesday by US Treasury Secretary Henry Paulson.

  Google's stock barreled through $700 for the first time Wednesday, propelled by a belief that the Internet search leader will become even more profitable as it plants its products and services in new markets.

  On Halloween, five-star fund manager Peter Klein sees some saints among the corporate hobgoblins. All of the Fifth Third Asset Management portfolio manager's stock selections have "issues," he concedes. But Klein sees fewer tricks and more treats ahead for these companies.