Whew. At least yesterday is over.
released results of its meeting Tuesday, choosing to switch to an easing bias, meaning that the Fed believes the risk of a recession is greater than the risk of inflation. Although the Fed didn't cut rates, this 180-degree bias change is a good sign that it might be sooner than later.
American markets did not take the news in stride. The last two hours of trading were a wild ride, with the
Dow Jones Industrial Average falling from three-digit gains to end with a loss. Overnight, foreign markets had a chance to react and the results were not good. Asian markets took a huge spill, while all of Europe was red and throbbing.
Meanwhile, on the futures home front, the picture was a little soft, but nothing to be terrified of.
, an electronic exchange where both currency and futures options trade, slid 6.5 to 1311.5, 11 points below fair value as calculated by
futures dropped 15 to 2395, 4 points below fair-value as calculated by
, where stocks trade both before and after the bell, technology names were lower.
traded at $33, 43 cents lower than its closing price yesterday.
was off a buck.
European markets were taking a sizeable hit, following the Fed's bias change and the disappointing end to Tuesday's stateside trading. London's
fell 101.10 to 6193.90, while the Paris
dropped 85.18 to 5873.68 and the German
fell 85.34 to 6393.94.
Asian markets were devastated. Japan's
fell 217.94 to 13,914.43, not only falling through the psychologically pivotal 14,000 level but hitting 22-month lows as well. Hong Kong's
dropped 257.32 to 14,930.72.
For Tuesday's postclose trading, see
The Night Watch.