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UK. Here's your midday brief for Thursday, September 19th. I'm J.R. Whelan for the Wall Street Journal.

U.S. stocks surge today after the Federal Reserve cut interest rates by half a percentage point. In midday trading

the Dow Jones industrials were up about 1% while the S&P 500 had risen more than 1.5% and the

NASDAQ was up nearly 3%.

The National Association of Realtors said U.S. home sales fell 2.5% in August from the month before.

The fifth time sales have declined over the past six months,

as the recent decline in mortgage rates

fail to offset home prices that remain near record highs. Mortgage rates have come

down steadily from the spring to 6.2% last week.

According to Freddie Mac, that's the lowest level in more than a year.

But with high housing prices and the inventory of homes for sale still lower than normal,

many buyers are waiting for rates to fall further.

News Corp, owner of the journal, also operates Wheelter.com under license from NAR.

Israel launched a wave of airstrikes against Hezbollah targets in Lebanon as the

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