World markets rally after Federal Reserve cuts base rate

World markets have reacted positively to optimism that the US Federal Reserve is likely to lower interest rates again next month. Investors have become more confident that stocks bottomed when the Nasdaq reached a 2 ½ year low on April 4. The Dow Jones Industrial Average closed above 11,000 for the first time since September, and the Nasdaq Composite Index had its biggest gain in a month. Pfizer Inc., Merck & Co. and other drug stocks led the advance, while Cisco Systems Inc, Intel Corp., Sun Microsystems Inc. and Microsoft Corp. also boosted major indexes. The Dow surged 342.95...