Stocks Swing Wildly After Global Rate Cuts

Weekly oil inventories from the Energy Information Administration showed a larger-than-expected increase in oil reserves. Crude inventories rose by 8.1 million barrels for the week ended Oct. 3, well above analyst expectations.

Over in the commodities arena, crude oil was declining $1.32 to $88.74 a barrel. Gold advanced $24.50 to settle at $906.50 an ounce.

Longer-dated U.S. Treasuries were declining. The 10-year was down 1-30/32 to yield 3.73%, and the 30-year was off 24/32, yielding 4.08%. The dollar was declining sharply vs. the yen, inching down against the euro and gaining on the pound.

Lately, European indices such as the FTSE in London and the Dax in Frankfurt were lower. Asia fared worse; Japan's Nikkei closed down 9.4%, and Hong Kong's Hang Seng dropped 8.2%.