January 4, 2001

Federal Reserve, in surprise move, cuts federal funds target rate to 6 percent, from 6.5 percent, sending powerful signal that it seeks to prolong economic expansion; acts between scheduled meetings, with barely disguised haste; is able to cut discount rate by only quarter percentage point, to 5.75 percent, but says it will make second cut once it gets formal request from Federal Reserve bank; signals it is likely to further cut rates in coming weeks and months; move sets off strong stock market rally, with Dow Jones industrial average rising 299.60 points, to 10,945.75 and Nasdaq composite index surging record 324.83 points, or 14.2 percent, to 2,616.69; Pres-elect George W Bush welcomes move but holds it does not reduce need for tax cut; graphs of federal funds rate and Nasdaq composite index; table of best one-day Nasdaq gains; photo (M)

Singapore will delay auction of licenses to operate cellular-phone networks capable of high-speed Internet access; analysts say move reflects mounting concern in wireless communications industry about cost of moving to its so-called third generation of services; Infocomm Development Authority, Singapore's telecommunications regulator, agrees to delay after potential bidders ask for more time to study auction rules (M)

Allianz, Germany's biggest insurer, and Goldman Sachs Group will buy Aventis's 67 percent stake in German industrial gas company, Messer Griesheim GmbH, for 1.6 billion euros ($1.5 billion) in cash and assumed debt; photo (S)

Makers of television documentaries face crisis in financing from nonprofit sources; in mid-1990's Congress slashed money for arts, and private foundations tightened belts; financing problem has had profound effect on what kinds of documentaries are made, how they are made and where filmmakers go for money; both young filmmakers and seasoned veterans, such as Steven Okazaki, are finding it harder to crack public television and are turning away from grant applications and toward cheaper digital technology, backing from corporations, cable outlets and foreign networks; photos (M)

David Pogue column on the advantages of using a Web browser other than Microsoft Internet Explorer or Netscape Navigator; describes three such browers: comments on Opera, NeoPlanet and iCab; drawing (M)