JUDY WOODRUFF: The Federal Reserve Bank cut a key interest rate today for the second time in less than two months. The federal funds rate was lowered a quarter of a point, to 4.5 percent. That's aimed at making it cheaper for consumers and businesses to borrow money. A Fed statement said the cut was designed to help prevent the housing slump from spreading to the rest of the economy.
U.S. economic growth expanded at a brisk pace in the third quarter. The Commerce Department reported today gross domestic product was up almost 4 percent from July through September. A rise in consumer spending and exports fueled the GDP's strongest showing in a year-and-a-half.
Today in Washington, one of President Bush's economic advisers said it showed the strength of the U.S. economy.
ED LAZEAR, Chair, Council of Economic Advisers: This is an extremely resilient economy. It is really quite remarkable that, during a quarter when we had housing market issues, when we had a credit situation in the beginning of August, despite that, we still ended up with nearly 4 percent growth, following another quarter where we had nearly 4 percent growth. So that really, I think, is quite an impressive statistic, and it's certainly encouraging to us.
JUDY WOODRUFF: Oil prices jumped to another record high today. In New York trading, crude oil rose more than four dollars to finish over $94 a barrel. An unexpected drop in U.S. supplies and the interest rate cut helped propel the surge.
The interest rate cut also helped boost stocks on Wall Street today. The Dow Jones Industrial Average gained 137 points to close at 13,930. The Nasdaq rose 42 points to close at 2,859. We'll have more on the rate cut right after this news summary.
Twenty-one men were convicted in a Spanish courtroom today for their roles in the Madrid train bombings in 2004. But the alleged mastermind, an Egyptian, was acquitted. The attacks killed 191 people and wounded more than 1,800 more during morning rush hour. We have a report narrated by Sue Turton of Independent Television News.
SUE TURTON, ITV News Correspondent: Three-and-a-half years on from March the 11th, 2004, today the Spanish people were to learn who was behind mainland Europe's deadliest terrorist attack. But of the eight defendants accused of the most severe charge -- mass murder -- just three were convicted.
The first, 23-year-old Moroccan Jamal Zougam.
JUDGE JAVIER GOMEZ BERMUDEZ (through translator): We convict Jamal Zougam for belonging to an armed or terrorist group, 191 crimes of homicide, together with two crimes of abortion, 1,856 crimes of attempted terrorist homicide, and four crimes of terrorist damages.
SUE TURTON: Another Moroccan, 32-year-old Otman el Ghanoui was next, found guilty of transporting the explosives, and the third, the Spaniard, Emilio Suarez Trashorras, who had stolen the bomb-making equipment. He'd been paid 1,000 kilos of hashish.
All three were sentenced to 40,000 years, a multiple of the numbers of people killed or injured, although the maximum sentence they can serve under Spanish law is 40.
But these were not the masterminds. This man, Rabei Osman, had been accused of being one of those. He's currently serving a 10-year sentence in Italy for links to terror cells in Europe and Iraq. He listened to the verdict from a courtroom.
JUDGE JAVIER GOMEZ BERMUDEZ (through translator): Please be quiet. Rabei Osman, Javier Gonzalez Diaz, and Ivan Granados Pena are absolved of all crimes they stood accused of.
SUE TURTON: His acquittal drew grasps from onlookers and the Spanish press. And outside the courthouse, disappointment amongst victims and relatives of those who died.
JUDY WOODRUFF: Seven other suspected masterminds of the train bombings blew themselves up weeks after the attack as special forces were about to arrest them.
A decision by the U.S. Supreme Court to stay an execution last night had ripple effects today. Two prosecutors in Texas said they will wait until next year before asking judges for any more execution dates; that will be after Supreme Court justices make a ruling on whether lethal injection is constitutional. The high court has already delayed three executions since agreeing to review the lethal injection case. We'll have more on this story later in the program.
Officials in Southern California today blamed one of last week's wildfires on a boy who admitted to playing with matches. That fire scorched more than 38,000 acres in north Los Angeles County and destroyed 21 homes. Police did not release the boy's name, but said he is under 13. They said they will refer the case to prosecutors to consider filing charges.
Farther north in California today, there were cleanup efforts from a moderate earthquake that hit last night. The 5.6 magnitude quake shook the San Francisco Bay Area, centered northeast of San Jose. It is the strongest to hit the area since 1989, when a quake caused 62 deaths and $6 billion in damage.
The Federal Communications Commission approved a rule today to increase competition among cable providers. It means that cable companies can no longer enforce exclusive contracts with apartment buildings. The move aims to lower cable rates for the estimated 25 million households that live in multi-unit buildings.
A new report out today sheds more light on the links between lifestyle and cancer risk. The World Cancer Research Fund reviewed some 7,000 cases around the world over five years. To lower cancer risk, it recommended maintaining a healthy weight as an adult, limiting consumption of red meat and alcohol, and avoiding sugary drinks and salt. Members of the panel emphasized diet and exercise.
DR. PHILIP JAMES, Panel Expert: The simple messages are, of course, stay with that, those foods which are low in energy density, the vegetables, the fruit, the whole grains, and so on. And, in fact, let's get off our backsides and become physically active, and that requires an extraordinary challenge.
JUDY WOODRUFF: The study also found that tall people have a higher risk of cancer than shorter people and breast feeding lowers the risk for mothers and their children.
President Bush nominated the former governor of North Dakota to be secretary of agriculture today. Republican Edward Schafer served two terms as governor, from 1992 to 2000. He comes from a farming background, as do about a quarter of North Dakota's residents. If confirmed, Schafer will replace Mike Johanns, who resigned last month.
Singer Robert Goulet died yesterday at a hospital in Los Angeles. He was awaiting a lung transplant. He made his Broadway debut in "Camelot," playing the role of Lancelot. His career spanned more than 50 years and won him a Tony, an Emmy, and a Grammy. Robert Goulet was 73 years old. We'll have more on him at the end of the program tonight.
