Asian, European Stocks Rebound
Asian and European stocks following a rally in the U.S. financial markets. Wall Street's rally recouped previous sharp losses. The improvement was partly because investors were hunting for bargains. Then, in the last hour of trade, investors got a second wind on positive words from Federal Reserve Chairman Ben Bernanke. He says the Fed would step in and take action if necessary. Those were soothing words for traders, who are jumpy about the turmoil in the credit markets. Still, economists say the markets will probably remain unstable until the Fed's next meeting, almost three weeks from now.
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