...basis point drop. The Fed also lowered the Federal Funds rate 25 basis points to 4.25%. However, the following day, the Fed joined with four other major central banks to announce a new series of measures to add liquidity to the markets. The Fed said that it would create a new "term auction facility" under which it would lend at least $40 billion and potentially far more, in four upcoming separate auctions.

The Institute of Supply Management's manufacturing index for November came in at 50.8. This matched economists' forecasts. Any reading above 50 indicates economic expansion.

In economic news, the Labor Department...

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