Stocks recover some losses as Treasury Secretary Paulson completes his speech. Still, the S&P 500's decline remains steep.
Treasuries pick up some buying interest. The 10-year note is up 16
ticks, sending its yield down to 3.68%. The yield on the three-month
T-bill is down 27 basis points to only 0.15%. In another sign of risk
aversion, the TED Spread is up 23 basis points to 1.98%. The Dow and
S&P 500 are 7.3% and 4.0% above their respective Oct. 10 multi-year
lows. The Nasdaq is 3.5% above its multi-year low reached on Oct. 24.