Key averages drop...Fed's next move uncertain...oil falls further

NEW YORK (AP) Stock prices faded after the Federal Reserve cut interest rates by a-quarter of a point. The Dow fell nearly 12 points, the S&P dropped 5 points and the Nasdaq was 13 points lower.

Washington (AP) The Federal Reserve's statement on monetary policy released today leaves unclear what its next rate move will be. While many believe it will pause, economist Scott Anderson of Wells Fargo Economics says folks are "left in the dark" about what lies ahead.

NEW YORK (AP) Crude oil futures continued to drop today.

Near-month crude was down $2.17 to $113.46 a barrel on the New York Mercantile Exchange.

WASHINGTON (AP) The U.S. economy managed to limp through the first quarter. The Commerce Department reports GDP growth at an annual rate of 0.6 percent, as housing and credit problems pressured both consumers and businesses.

SEATTLE (AP) Starbucks reports that its quarterly profit fell 28 percent as consumers cut back on coffee purchases from the chain. It had warned last week that results would fall short of analyst forecasts.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 04-30-08 1646CDT | save this article / add to your favorites list