At the end of 2000, it looked as if competitive local exchange carriers had driven off a cliff and were falling down a ravine end-over-end. But the beginning of a new year and a 50 basis point interest rate cut by the Federal Reserve put some spring back in CLEC stocks. A sector that was down between 76% and 80% over the course of last year is now outperforming the Nasdaq and the Standard & Poor's 500.
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