Ever since stocks started falling last month, many investors have wondered when the Federal Reserve might step in to provide additional support to the economy. This morning, investors discovered that they'd gotten the support they'd expected -- but from an unexpected source. Rather than the Fed, it was the People's Bank of China that stepped in, cutting its deposit and lending rates by a quarter-percent for the first time since 2008. The surprise sent stocks soaring, although less enthusiastic comments from Fed Chairman Ben Bernanke cut the gains in the Dow Jones Industrials
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Fool contributor Dan Caplinger doesn't own shares of the companies mentioned. You can follow him on Twitter @DanCaplinger. Motley Fool newsletter services have recommended buying shares of Pfizer. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.