Wall Street reined in its enthusiasm over the Federal Reserve's rate cut Wednesday as more downbeat corporate news offered a fresh reminder of the U.S.'s economic troubles.
Stocks declined in early trading but pared their steepest losses. The decline comes a day after the Federal Reserve cut its federal funds rate target to a range of zero to 0.25 percent and sent stocks charging higher.
A greater-than-expected loss from Morgan Stanley offered the latest evidence of the large obstacles the battered financial industry faces. The company posted a loss of $2.37 billion, or $2.34 per share, for the fiscal fourth quarter.
Some investors also likely …
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