Indexes shoot higher after Fed rate cut

NEW YORK, Sep 18 (Reuters) - US stocks rallied on Tuesday, driving all three major indexes up more than 1 percent, after the Federal Reserve cut the fed funds rate by 50 basis points, providing relief to investors worried about housing and credit market turmoil.

The Dow Jones industrial average was up 184.12 points, or 1.37 percent, at 13,587.54. The Standard&Poor's 500 Index was up 27.64 points, or 1.87 percent, at 1,504.29. The Nasdaq Composite Index was up 41.29 points, or 1.60 percent, at 2,622.95.

REUTERS SR BST0012