Tuesday, July 22, 20XX Markets Cheer What Fed Leaves Out In the market, the Fed left its target short-term rate unchanged, but many investing professionals thought the bank left the door open to a potential cut in the months ahead. The Dow rose 159.42 points. The S&P 500 rallied 24.10 points and the Nasdaq gained 47.71 points. A strong quarterly earnings report from Merrill Lynch also bolstered investors’ confidence that the subprime shakeout isn’t affecting financial companies since Merrill stock soared nearly 4%. Overall, stocks rose, bond prices rose, and the dollar was mixed. Court Reserves Perelman Award On Point of Law This article is about Morgan Stanley losing almost every battle against billionaire financier Ronald Perelman. In a reversal, an appellate-court panel in Florida yesterday overturned a $1.57 billion award won in 2005 by Mr. Perelman against the securities firm. Mr. Perelman plans to appeal the decision. Morgan Stanley shares rose 6.9% in trading yesterday. The 2-1 appellate-
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