Looks like the Dow is experiencing a last minute save, with late news of a French proposal of an emergency G8 meeting to resolve the crisis. That has sparked a massive Dow rally in the last minutes of the trading session to above 10,000 again. The Dow at one point was down to 9,525 today, but has rallied nearly 500 points in the final hour.
Clearly the markets are now pricing in a global rate cut. Will it be enough?
[UPDATE] Dow closed down only 370 when it was down by 800. The Market definitely wants this meeting and the expected coordinated global rate cut that it promises.
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